mr. angelides, let me ask you this.easurer of california from 1999 to 2007, did you see any problems brewing in the financial sector at the state level? >> well, i mean, two things. first of all, i know because you were kind enough to have me on your show many times, as treasurer at our pension funds i was very active in pushing the s.e.c. to be more active in regulation and pushing back against excess executive compensation. if you're talking about the state of california, yes, i saw tremendous problems brewing. i consistently opposed the deficit spending, 7 to 8 billion dollars a year that was happening even during the boom. and the state's excessive borrowing. so look, i'm not one of those guys who's always right, but i saw a financial system nationally that was out of control, and i saw a state government that was borrowing and spending well beyond its means, even when times were good. >> yeah, you certainly did. and you talked about that a number of times on the program. so as a microcosm to what we're seeing on a