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.
Wall Street has long forgotten how to spell "ethical" or "good," and replaced it with "compliant" and "legal."
The time has come to explain to investment banks what their responsibility and accountability are.
Armando Falcon was the chief regulator attempting to bring order to Fannie Mae and Freddie Mac in the early 2000s, and had he been listened to, a significant part of the housing crisis could have been mitigated.