If I could just comment following up on Professor Ware's comments about innovation on the Internet, one of the more important recent developments technologically is the emergence of this organization called PayPal, of which this committee might or might not be aware. This flowed from eBay, where individual buyers are selling to individual sellers. There are no merchants. There are no big organizations. These are private individuals selling to each other, and you couldn't set up a credit card arrangement between these two individuals because you are a private person and you can't set up a credit card account so that people can pay you. What PayPal did was to set up a system, which is beginning to take off and potentially could become very big and very important as eBay grows, which is in direct competition to Visa and MasterCard in this niche of payment on eBay over the Internet. It's a new platform. I think we will have more and more of these new platforms competing with Visa and MasterCard.
On June 9th, 2009. See this statement in context.