they can't overleverage. it was a mistake to go from 12 to 1 to 30-1. it was an awful mistake. about -- we had regulators on the scene with lehman that didn't stop some of this. just like with the bip oil spills, we had an agency that was supposed to take care of that. we had an agency that said there are things you need to do that you are not doing, but they sort f suggested it. they didn't require it. we had a lack of effective oversight. i think the american people, before we create more bureaucracy up here, they want to know that the one is here, the securities exchange commission and others are doing their job. i think mary schapiro is doing a good job. they want consumer protection. free markets -- and i say that. capitalism doesn't work. if consumers are abuseded. i think they are saying it now, which to me is disturbing. they are saying, "that all the things we believe in, look at all this that has happened. maybe we ought to let the governmeet come in and do more management." they may not say that. they may not know that is what they are advocating. so you need strong

these big firms are going to become overleveraged. you've done the same thing here as you did with the government sponsored enterprises, fannie and freddie, that they forced their competition out of the market. and as a consequence of that became due onlies and failed. this is what we are trying to get across to our friends on the other side of the aisle. this is why we oppose your a pproach. we've seen this before. the speaker pro tempore: the gentleman's time has expired. the gentleman from colorado. perlperm how much time? -- mr. perlmutter:? the speaker pro tempore: 18 1/4. the gentleman from colorado. mr. perlmutter: thank you, mr. speaker. mr. royce mentioned 2003, 2004, 2005. should have changed the g.s.e. and fannie mae and freddie mac. well, the republicans controlled the house. the republicans controlled the senate. the republicans controlled the white house. and they didn't do it. in fact, his former chairman on financial services, the republican, mr. oxley, said the critics forgot that the house stepped up on reforming bil

years of allowing wall street to do anything it wanted -- beyond lassy fair, to be overleveraged, no transparency, no accountability, produce the most severe financial crisis and economic downturn since the great depression and the american people paid the price. again, eight million jobs, nearly $17 trillion in net worth disappeared, a record number of foreclosures ravaged our communities and, again, credit disappeared from small business, small businesses. this also had a tremendous impact on construction in our country because of the lack of loans. today i rise with the clear message that the party is over, no longer again will recklessness on wall street cause joblessness on main street. no longer will the risky behavior of the few threaten the financial stability of our families, our businesses and our economy as a whole. the wall street reform and consumer protection act has been appropriately named for chairman dodd and chairman frank and i thank them for their leadership. bringing this legislation before the congress and doing so and bringing this legislation before the congr