said a thousand banks just in jail fired people when you see them came in sort of the resolution trust corporation took over management of all these things you know there are definitely different ways this could have been done some people particularly on the left would like to have seen a more. you know nationalization or conservatorship and more. and the economics of it are very interesting by the way there's two ways to look at this kind of thing one is that it's an insolvency problem a lot of people think about greece that way right now and the other is that it's a liquidity problem if it's insolvency then you're right you have to take the place over. and the creditors take a haircut and by the way that's not cheap those interventions cost countries like sweden a real significant chunk of change but you know our our our approach was much more of a liquidity kind of approach the idea was that these institutions were temporarily constrained by dint of holding all these toxic assets and if we the government and the federal reserve could play the role of the nation's banking system and help just ge

was that a point of disconnect he was it was the guy that reagan brought in as the run resolution trust corporation to to be through a thousand banks years in jail when the us nels melted down and they ended up actually making a profit on that government actually really here with a resolution for us took thirty years or twenty years. but he pointed out that there was this substantial change in in the in the thinking of the conservative movement somewhere in the eighty's and that change he was it has translated into changes in policy. see that look like people are sold out as opposed to just you know the old william buckley oh well you know let's think this through and this is the constitutional as opposed to a i'm a man i really respect as a writer and i agree i did too i could in fact and i used to love watching for in line with you know it's a. it but the it has become basically a free for all. ages died a year ago brilliant guy but. isn't that the essence of at least the wrecking crew that this is just become a free for all that it's the thing is that you had it there were there was in there in

i would also suggest the revolution -- resolution trust corporation enables us to bring in real estate development interests and other professionals into an arena where they could begin to look at combining these. if you have many properties that might be in different cities around the country, it might be possible to bungalows and make it attractive and where they need to be in various locations. the wherewithal and talent putting together those kinds of packages that facilitate the disposal process, perhaps get a higher return for those properties that might otherwise be the case. >> anything else you want to add before you join us? >> thank you for the opportunity. >> our members -- how long is it? to submit questions? >> two weeks. and colleagues cannot ask questions and we ask when you receive those. thanks to walyou all for coordinating mr. sullivan of the on u.s. department, assumed his new leadership role in 2009 after serving as the beauty director since may of 2002. mr. sullivan has 25 years of experience in capital budget in an asset management -- that true? just checking. a