One of the most unpopular things that I worked on was improving the audit trails at the exchanges. At the time anybody would have thought I was working on personally trying to dismantle capitalism in the United States. In retrospect, following the crash of '87, those audit trails stood the futures exchanges in very good stead. And in fact, I think that some of the other regulatory agencies are looking very carefully at futures audit trail systems and the auction trading environments that the futures exchanges have in place. I think that while some of the work that we did was seen as being tough at the time, it has turned out to be good for the markets.
Fair markets are good for business in the long run.
So tough but fair, I hope that that's my reputation. Yes, there were several studies that CFTC and the Fed did jointly, so in that sense we worked directly with the staff. The staff at the Federal Reserve Board is enormously competent. The healthy cadre of economists at the Federal Reserve Board makes me feel very at home. There are very few regulatory agencies where economists play such a strong dominant role.