The TED spread is so low that markets must think that governments will work things out.

Bargain hunting is the only thing that can save us.

Now is no time to further distort the market.

Is the Federal Housing Finance Board's newest regulation a wise one?

President Franklin D. Roosevelt's abolishment of the "gold clause" in 1933 has been hurting American markets ever since.

The financial crisis provides no warrant either for a systemic risk regulator or for the supervision of other participants in the financial markets that have not previously been regulated.

An alternative narrative is that the financial crisis was caused by U.S. government housing policies that helped create 25 milion subprime and Alt-A mortgages--47 percent of all U.S. mortgages--which are currently defaulting at unprecedented rates.

Banks have been heavily regulated, ostensibly for stability. Yet in thecurrent crisis, banks are suffering and unregulated hedge funds are doing fine.