the gentleman from illinois, mr. dole, for one minute. >> thank you, mr. chairman. and i certainly want to thank the witnesses for their time. for their effort and service to the commission, and to our nationment by my account, we've had 47 economic recessions or downturns since our nation's first major economic contraction, the panic of 1797. that's an average of one economic recession or downturn every four and a half years in the last 214 years. throughout our nation's history, our national economy has regular -- inevitable economic expansions, followed by economic contractions. this business cycle is how our economy properly allocates resources, evolves, and grows. and while business cycles are certainly inevitable, history proves that normal and necessary and healthy economic contractions are frequently exacerbated by misguided or excessive government regulatory fiscal trade or monetary policies. we should certainly learn from each and every economic contraction, and we should do so in the most objective and nonpartisan way possible. our investigation should no

mr. dole? >> thank you, mr. chairman. >> one minute. >> and i want to thank the witnesses for their time and for coming out today. i certainly share some of the concerns that have been addressed by some of my colleagues today. derivatives have been productively and efficiently used for a significant period of time by reducing risk and reducing price volatility, increasing stability. these derivatives markets directly benefit companies, employees, consumers and our overall economy. in the past several years certain companies have made some mistakes in the derivatives markets to be sure. they didn't verify that their counterparties had sufficient collateral. they didn't verify that their counterparties ads ability to pay. they didn't determine whether the counterparties had too much exposure to market risk. as far as i can tell the end-users did not make the mistakes systematically. now these end-users are faced with the uncertain prospect of margin regulations that sufficiently and unnecessarily change their long

mr. dole's remarks that we thank you for your service to the commission. and to the country. you were -- your compensation was very nominal. so you did this, i think,ut of a sense of patriotism, anduty to your country. so i thank you. our first panel is honorable phil chairman of the financial crisis and inquiry commission and the honorable bill thomas, the vice chairman of the commission. our second panel is dr. douglas holeseeken, commissioner. the honorable brooksly burn, commissioner. mr. peter wallaceson, commissioner. and mr. brian georgio. so we thank the second panel. the first panel will be dismissed at noon. and without objections, your written statements will be made a part of the record, and you'll each be recognized for a five-minute summary of your testimony. at this time, mr. angelitis, i will recognize you. >> thank you, very much, chairman baucus, ranking member frank, members of the committee. thank you for the invitation to discuss the report of the financial crisis inquiry commission. first of all, i want to thank my colleague, vice chairman bill thomas, f

so in your role as leaders, sit down with all these candidates, dole and to their history and into their soul. [applause] >> mrambassador? and the author comments to make on that? >> the question was who do we think is the leader that is going to bring this sensible immigration reform to the political debate. i don't think it is for us to say. it is for us to demand that those individuals will make it part of their platform and we have to see what they have to say. >> thank you. >> i.t. he is the question what are we going to demand, are we going to ask the questions but one step further, are we going to tell the community that the majority party president of the united states today made that promise and he didn't follow through and we are not going to give him a pass on that because i can guarantee this if i would have made that promise they would have held accountable. so we are going to make the point and hold them accountable and say you know what [speaking in spanish] and find out who on our side is going to move forward. [applause] >> i think we have time for one more question. yes. >> i am part of d.c.