Good morning, ladies and gentlemen. And thank you, Fred [Ryan], for your generous introduction. Before I begin, I should like to take a moment to recognize what a profound privilege it is for me to address the Reagan National Economic Forum. Prior to sharing a few reflections, I must note that the views I express here today are my own as SEC Chairman and do not necessarily reflect those of the SEC as an institution or of my fellow Commissioners. There is something quite fitting about gathering on a California morning such as this one, because it calls to mind a few of President Reagan’s most enduring words: “Morning ... (full story)