out is sebastian mallaby? minister, she seems to be the grown up in the conservative party. , shen the last two weeks has come out as a harder edged, , anti-immigrant leader. implementing brexit without knowing how to do it. francine: y, sebastian? to uniteause she wants the party? is it because of miscalculation, or is it because she is new to the job and needs to learn? i compare her to angela merkel. -- of the cautious tactically cautious, determined to stay in power for a long time, and willing to do things which do not make sense from a statesmanship point of view, just like angela merkel in the middle of the euro crisis -- she wanted to keep the euro together . theresa may is on the one hand saying -- francine: but this is different. this is worse. was dealing with damage on the eurozone area, but this is a prime minister, which does not seem to have at the moment the content of the market. this is conflicting with her own country. sebastian: the euro cohesion was going to break up. talk about market con

joins us is sebastian mallaby, author of "the man who knew."s researching spending time with the man himself. you said that alan greenspan, people talk about his role in the crisis. he gets a lot of credit prior to the crisis and a lot of credit for the crisis. you said he pressed for greater regulation over the years and got nowhere. to argue that he didn't know the risks in a rational market is to miss the point. he knew more than almost anyone. the question is why he didn't act and whether anyone could or would have. what do you mean by that? >> one of the big discovers in my five years of research is i was visiting alan greenspan in his office. and his eyes would do this. he would look up at the shelf. i realized that must be the missing ph.d. piece which nobody had been able to find. when he gave it to me, it was about financial ib stability. he wrote an article in 1959 about how it would drive the economic psych. the idea that he wasn't chairman of the fed, it's all there. it's all in his thesis that nobody found before. >> so what do you