was that she never really had a free markets in a sense of having to information any confirmation neagle competition appear in your voice had that big banks were distorting it matters and the voice had a very murky information flows so i would argue it never really had a proper free markets even in a free-market system. it is quite ridiculous we've had a financial system built on free market ideology with the vast majority of complex products that on the balance sheets and ever traded and they're all basically a figment of accounting imagination. in. >> do you think should be regulated? >> i think it should be regulated. >> what? [laughter] >> you are definitely putting me on the spot. [laughter] when we set out to design a framework for the private derivatives we were building a framework where it lives easily from a place where it should not be in the mind of a holder and reflecting in the risk preferences of the tanker of the risk allowing him to shifted to someplace else to someone else would rather hold at risk and we want to set up a framework or market discipline would be a guide