that's the largest uity holdings for most consumers, and that along with the fact we're building home again, particularlyo single-family homes, and in terms of the dollar. bigger than apartments, and that is not happening again. that's an important start in the right direction. >> you know, warren buffett said today it really doesn't make a difference which candidate ends up in the white house. american businesses and the economy will improve under either one. so does it really matter who wins the presidential race? >> you know, i spend more time understanding politics to handicap what is going to happen with fiscal policy, tax policy, and spending policy, because that matters at this stage of the game.se what really is is the game changer isnot really who is president, but whono wins the w senate and so we have a roadmap going forward, getting rid of some of the uncertainty on taxes, spending, and everhing else out there. >> we have one more meeting of the federal reserve before the end of the year. anything we shouldhi be expecting? what are you monitoring over the next couple of we

and you've seen them siing on the sidelines this year, e uity markets are up a substantial amount, yet money is still outflowing out of equity. so there's real concern in negative environment for individual investors right now. >> tom: maybe this explains the next point you found, 88% worry about higher taxes on investment earnings in the future, worried about the debt and paying it back and that may lead to higher taxes, i guess. >> it's all cyclical. one of the things you're seeing in that study as well, you look at international institutional investors and we did shall survey in 14 untries and basically they're a coerne out regulatory changes and they're also concerned that market volatility is here to stay. and that 08% of them feel they can't help mitigate that or manage that. then you look at retail investors in the u.s., 80% think they're not going to have enough for retirement, but 60% of them don't want to take any more risk, so it's a tough market out there and people are scared still. >> tom: so you get paid by putting money to work, and among the alternative investments you

but they had e uity capital they were not insolvent.as insolvent, merrill lynch, aig was insolvent but the rest could have bumbled through. needmight have liquidity sport but they had enough capital to absurd their losses. but in 2008 we were dealing with a lot of unknowns so we threw a lot of money at it and i guess i can live with that more, but in 2009 we had a stable system at that point and that was really the time we needed to impose pain and account able. institutions like citi groupe should have been restructured and roken up. we couldn't even get conversations go being that. >> do you feel you did enough to speak up internally against all the -- >> when congress didn authorize all this tarp money it was my clear understanding and one of the reasons i participated in these bailouts is that we were going to get a big loan modification program, woid scale to preven unnecessary foreclosures from occurring and it never happened. didn't happen under bush. didn't happen under obama. so i do, that does still make me angry. i spoke out