yesterday treasury secretary timothy th geithner and directof the economic council, laurence summers, published an editorial in "the washington post", laying out the broad outlines of their proposals for regulatory reform. i share their views on how we arrived at this moment. and i share the broader goals that they discuss and look forward to working with the administration on comprehensive and timely regulatory reform. however, i want to speak today about one area where i disagree, and that is how to address systematic risk. but let me step back for a moment. mr. president, the magnitude of the events of the past two years strains comprehension. i believe what we've seen over the last couple of years is the equivalent in economic terms of the 100 year flood. millions of families and retirees have lost their financial security. millions of people are out of work. each day we read about more layoffs, more losses, more bankruptcies and too many days more bank failures. we call this a financial crisis. but for the american people it is a very personal crisis of lost homes, derailed caree