>> tom: and you talked extensively nlt book, especially when it comes to disagreements with timothy gietener hofs the head of the new york federal reserve back then. why such a philosophical difference between how you approached the crisis, and how he approached t and still approaches it. >> i don't know. i think tim never worked on wall street. he had a mentor at treasury. >> tom: he worked at the federal reserve. >> well, the new york fed is a big bank. so i think there tends to be an absorption of that perspective. i think tim throughout the crisis and continues to do what he thinks is right. but i think he thinks the large financial institutions are the center of activity, and if you help them be profitable you help the broader economy. it hasn't turned out that way. japan tried this. and previous cycles, we didn't get our act together during the savings and loan crisis. when in "bull by the horns", they started selling assets and got banking and the country going again. >> propping up sick institutions don't win. they nurse their balance sheet, but they're not in the position, and don't