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During the hearing that you -- last week there were people saying this is totally unwarranted the metals markets have been trading for decades.
And things have been just fine we've seen the highs where.
Gold was above a thousand like it is now and then the -- where in the eighties bit imploded we -- 300 dollar an ounce gold.
So why not let the free market rain in that case well.
I believe that regulated markets work best and we have traffic lights tail and red lights and yellow lights to slow down traffic but they've saved lives so.
That's what we're really talking about here.
What's next -- if we're looking at energy and we're looking at heart commodities.
-- things that that has a finite amount I guess which you then turn to things like soy corn the soft commodities and we will.
-- soft commodities have federal position moments and have for decades.
He energy markets have been through 2001 we're just asking whether we should.
Reintroduced put it back almost like let's bring back Glass-Steagall as some people have set -- this is just going back nine years.
Well what do you think once we would solve the problem and can't -- can you really stop a Bobble from inflating its.
What's a very good question -- I think we did have an asset bubble in real estate we have massive bubble in commodity prices.
We as an agency did not set prices and shouldn't be asked to do but we.
Should make sure that everyone has a fair and orderly market and you can see what trading happens on us.
How can you Gary Gensler don't sit around at night saying what can I regulate next week but you know guys like Terry Duffy of public fell out of the CN -- against guys taken it too far.
Are now now now now but I do believe that the job the president -- -- detail -- to help.
Promote the best public policy that markets work best and that's why we have to bring these things caught over the counter derivatives -- -- markets.
In two more sunshine.
Have the traffic lights in the lamp posts that we have on the.
Highway well credit default swaps -- the massive bump in the road that -- the investor car airborne and then crashing a year and a half ago.
Why not make it simple and say just have.
On derivatives like credit default swaps that.
You can't you've got to treat it like insurance if it were to one why -- you have to have that amount of capital ready in the background.
To pay for well.
-- I'm agreeing with that but I don't think that's enough I think we need to have that capital standards.
But we awesome need everyone to see where they -- we know where hundred shares of IBM -- we should know where that credit default -- on that same company tricked into saying transparency the likes of what we see in the equity markets right been included on top of the capital -- lobbyists from Wall Street.
Bearing down on you you -- And what do you say to them I say I understand we have a difference a point of view on a great democracy let's take it to congress.
Gary Gensler who work for years on Wall Street Goldman Sachs.
Coming into the public sector and saying we need more transparency for the investor thank you so much for coming in speaking with us exclusively.
Thank you we will be watching because as you know -- you heard him say that possibly by the beginning of the summer may -- -- we might see some type of bill.
For our financial regulatory reform on the president's -- absolutely great stuff out of Washington -- will be back -- --
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