For any housing finance reform plan to be credible, it must do much more than wind down the GSEs. Because of the Dodd-Frank Act a number of formidable legal obstacles now exist that must be cleared away before a private securitization market will come back. If the administration is serious, its plan must address all these issues.

In less than twenty-five years, government “affordable housing” and other housing policies have turned a healthy market into a financial ruin. Until Fannie and Freddie’s market dominance and the government’s role in the housing finance system are substantially reduced or eliminated, the United States will continue to have an inferior and unstable housing market.

Beyond the Securities and Exchange Commission's oversight failures in the cases of Enron and WorldCom, the Commission's addiction to press coverage has led it to emphasize enforcement activities above all else.

The use of fiscal stimulus is appropriate because the current recession is much deeper than and different from previous downturns.

Although SEC interested in obtaining higher disclosure standards from foreign companies, this cannot be achieved by discouraging foreign companies from U.S. listings.

Does the Sarbanes-Oxley Act violate the Constitution by vesting members of PCAOB with too much power?

The extraordinary power given to regulators--and particularly the Federal Reserve--is likely to change the nature of the U.S. financial system.