words so you're saying it wasn't helpful at the time i didn't realize it was so pregnant what mr blankfein didn't count on was the freedom of information act bought by bloomberg to the supreme court which would eventually reveal the exact amount of federal reserve money goldman received which was in addition to tarpon f.d.i.c money now here we have a graph that shows goldman borrowed as much as sixty nine billion dollars from the fed during the height of the panic and it's the same story with j.p. morgan city and the other usual suspects. now of course no one wants a repeat of that so regulators at all levels have proposed various measures to strengthen the balance sheet of your favorite too big to fail bank thursday the federal reserve proposed rules that would call it that they call it liquidity coverage ratio now originally part of basel three the fed's version is a bit tougher and it requires the big banks to collectively hold about two trillion in liquid assets in cash bob first in either of us and out of the question is how is this different from other rules such as capital requireme

mr. secretary, to the issue of how bad it could get. we don't know how bad it would get because there is no historical precedent. as lloyd blankfein of goldman sachs said yesterday on the hill. therefore why would we want to get to that point? if it could be, we don't know, as bad as the 2008 financial crisis, isn't it worth it to at least give a little on some aspect of what this group of republicans want so you then can at least move forward? >> you know, you have to kind of realize what we're actually seeing. we're seeing demands of extraordinary nature, not to solve all the problems of the country but just to open government for a few weeks. these are not, this is not the way to run the greatest country in the word. we can not be in constant threat of shutting down the government or not paying our bills. we need to engage in meaningful negotiation and meaningful compromise but we have to be done with this brinkmanship. liz: part of the problem with never having seen what happens if we hit the debt ceiling and default is, is that, a lot of people don't believe it. they feel that perhaps maybe there is some scare tactics involve