making the tax system more fair, i want to work with republicans and democrats to come up with that proach. which tax system will help create the most jobs here in america an make our country more competitive? that would do it. also so companies can bring money back into the united stateses. >> y even embraced a flat x buthere are some conservatives who say that is the wrong way to go that we should beewarding people by giving them some big tax breaks. where does the flat tax makes sense? >> good question. i was talkining about the tax on businees. insofar as iividual taxes are concerned, i think it would be unfair to change thtax system like for home mortgage interest deduction or charitable contributions. i am advocating the choice of a flat tax spending. hong kong has done something similar to this and they found most people migrated to the flat tax. let the taxpayer decide. whether they want to stay witith this complicated system or go to a more simpler one. >> you remain behind in this race according to all the recent polls? why are you losing? >> the decision wille made and about a m

hendrick: in this more interactive and collaborative proach, the teacher and children seek out answers teacher continues to make plans, but adjusts them as she pays attention to the children and finds out what is particularly interesting to them. she's also constantly looking for problems to present to the children so they can propose their own solutions-- their solutions, not hers. woman: what about-- yes, natalie? child: i have tadpoles at home. if you want to see it alive, i'll be able to bring one to school. that would be great. hendrick: for example, perhaps the children are raising a baby rabbit. the teacher might ask them for ways they can make him comfortable and healthy. do they think he's lonely? what could we do about that? what could we use for a larger cage? the children's solutions to such problems will unfold gradually and often spontaneously in response to the teacher's questions. child: no. he's growing bigger. woman: why is he growing bigger? because he's eating. second child: look how big he is. third child: but funny bunny's more bigger than that. woman: he is big.

isn't there a bubble that threatens to blow up and take a lot of people proaching retirement wh it? speak of this is of the big factors that they provide the market with ready buyers for trtreasury bonds that are yieldg less thaninflation. think of the treasury bonds, especially the short end of the curve as certificates of appropriation. we are punishing seniors, we are punishing retirees, we're punishg savers, playing right into that. gerri: maybe they're five is out, maybe they're 10 years out, already settling into bonds. what is the right step to take now? >> i am not an advocate of renting from mostlyonds early in life mostly stocks later in life. that is a tst that proof of concept shows the flaw. other people should be technical, basically if markets are priced to pride too lit return for them, look elsewhere. mainstream stocks, mainstream bonds. but spitting and macroeconomic, that is pretty anemic. providing negative interest rates did look at high yield, look at the spectrum of alternatives. rampown your expectations. if people don't expect eight to 10% from their investm

s approach has been a disclosure based other proach.ok at the history of rule making in this area you can see ever greater requirements on puck lick companies to disclose their policies and practices including rules we did shortly after i arrived including the boards to explain how their compensation practices my intent vise risk taging and what the board is doing to manage that risk so that the franchise and shareholder's money is not undually put at risk through the compensation practices. we have schedules that are contained in cralt filings, detailed disclosure about not just base pay and incentive bonuses but other componentses of compensation. but we have tended at the s.e.c. with the work we're doing to make a more disclosure based approach. >> thank you very much. >> other questions? >> thank you. and again thank you very much for your remarks and it's an awesome task that the regulators have been put into to develop this regulatory framework over over the counter drivevatives contracts which we're not delinked from multilateral