. >> chair now recognizes gentleman from massachusetts, mr. quono. >> i kneeled for a couple of minutes. >> to come to the bush administration there was a comment that secretary paulson when congress accommodated his request after we came to power to give him the power to put the fanny and freddy but guaranteed no taxpayer losses. he never did any such thing. if we passed the legislation it would greatly dminlish that likelihood. it was not able to undue past mistakes. since 2008 we haven't lost money but that's not what mr. paulson said. he hoped that this would stave off the lawsuits but never gave anything close to such a guarantee. >> reclaim my time. after that eloquent defense of the bush administration which i'm not used to from the ranking member i'm thrown off my game a little. mr. secretary, i thought today's discussion was supposed to be about the international financial system so i'd like to get to that a little bit. i heard from some other members that they think that europe is basically handling their problems better than we are handli