[applause] >> so thank you very much, vickram. i think i'll just ask one or two questions and then we'll open it up for people to go to the microphones. i have a complicated question to ask at the beginning, not surprisingly, i suppose. i'm very struck by the way in which you characterized how the world got to the point it did in 2007. and how that world is likely to come again. so what you described was a world in which actors, whatever they thought, initially convinced themselves of things that turned out to be not true. or they felt trapped in a system where they had to act contrary to what they thought and hoped they could get out early enough. so that's the bubble. it's a mass hi-tara. -- hysteria. it's a psychological problem. and to the people like me who think about constitutional law, this is not a new phenomenon. we have a bill of rights because democracy loses its bearings. people become frightened. rather than ebullient and create market bubbles, they become fearful and they oppress minorities and treat people badly. a