financial cost, direct financial cost of the crisis, across the feds programs, the g.s.e.s, tarp, the f.d.i.c.. are now going to be under 1% of g.d.p. that is an exceptional outcome relative to expectation and it was possible not just because of the early choices on strat jeep-- whatever you call them, whatever you label them-- but because you had such powerful support from monetary and fiscal policy early on. >> rose: clearly we have an economic recovery in the public sector. clearly in terms of unemployment we do not have an economic recovery. tell me what you think will be done over the next two years. and some people-- i think the congressional budget office among them-- believe that unemployment may drop by the end of 2012 to 8%. do you believe those figures? >> again, the private forecasters would say that on the expectation, the u.s. economy grows between 3% and 4% over the next years, and that unemployment will be below 8 in 2012. i think there is a consensus on that now but these things are inherently. unemployment starts to fall when you see economies start to grow again. economies

i would agree with phil, though, that we should congratulate the staff of the f.d.i.c. and we should be proud of the legacy and the archives we left behind. those are facts available to the public, historians and, much like that great depression, i suspect the real causes of the financial crisis of 2008 will be debated for years and i would fully expect that someone smarter than me, better positioned than me years from now can use those materials and will come up with yet another explanation. >> woodruff: i have to ask you because i did participate in a conference call that you and the other dissenters had today. what about this complaint that several of you raised that the chairman didn't allow the minority members to participate in decision making as much as you felt you should have been? >> well, we've very clearly made the case that we didn't kneel in the end our substantive critiques and drafts of the report were reflected as time went on and if you continue to say "i'm not happy with the way this is written" and it comes back the same you get dissatisfied and towar