we have the fed, we have the f.d.i.c..ther layer of bureaucracy is going to cause consumers more and it's not going to be more protective. >> woodruff: senator brown, what about her first point that this is an unprecedented amount of power, that this is someone who would give no one else oversight of this bureau. >> unprecedented amount of power doesn't really make sense. the consumer bureau today was in cleveland announcing... happened to be in my state announcing new rules for making credit card applications more clear and more concise and simpler for customers. that's not unprecedented power. what's unprecedented, judy, is i asked the senate a story several months ago, has this ever happened where one political party has opposed a nominee solely because they don't like that agency over which he... which he will run and the senate historian said that has never happened. accountability is not accountability to wall street but to the public and in many ways my colleagues here that oppose the whole idea of consumer protecti

the blind but he has been the most effective financial regulator with the possible exception of the f.d.i.c had in the new crew ok so if he is the most effective financial regulator and something like an m.f. global happens and that's a sign that i mean it's so much worse than we're even finding out about now well yes absolutely it's a sign i mean that's the first point is. why would you didn't need even regulators to stop this after all what course i did was to take every mistake that had been made two years earlier fact a year and a half or earlier when he did it and say you know what i'm going to repeat that mistake except i'm going to go even bigger in that area of mistake this. supposedly one of the brightest people in the world and such but it shows you that the most exalted financial leadership the squid as you say are government sachs is actually composed of people that don't know the most basic things prudent investment because they haven't done prudent investments in decades or they don't they know but they don't care because they think that you know they're going to get bailed ou