The disastrous disarray in the housing industry is a direct result of decisions taken during the deregulation frenzy of the Clinton presidency when the securitization of mortgage was removed from any regulatory supervision.
For all the headlines given to foreclosure affidavits and robo-signing virtually no one has mentioned the real point, the idea that the affidavits themselves may not prove loan ownership regardless of how they were signed.
Until progressives break with Obama's rosy perceptions, they will have nothing to offer as a retort to the tea-party faux populists who are effectively monopolizing the legitimate rage over the bailouts.
Economically, there is precious little else to talk about, for if the housing market is not restored, we are in for one long, dreary period of economic stagnation at best, or a severe downturn and a society in dangerous turmoil.
Should we really believe that 20 million people purchasing luxury goods such as jewels, fashion, yachts, private planes and lavish international travel will be a major boost to the U.S. economy! Come, on.
It was the Perry Mason moment in the unraveling of what was left of Goldman Sachs' reputation. Only in this case, it involved a grizzled former prosecutor, Sen. Carl Levin, rather than a genial defense attorney.