And it is a boondoggle of a mess, and I think there is some--and the thing that I cannot understand is where the misalignment of interest is here, because we have millions of people in this country that are underwater in their mortgages.

Not as far as the investors are concerned, right?

the entire economic recovery in many respects rests on our being able to get this sorted out.

I think they are potentially devastating.

this entire conversation has been like watching a slow-moving train wreck for 22 months.

I hope we hear a lot more like that one going forward.

I think the dual track has a lot to do with it.

Thank you for holding this hearing, although I have to say it is so depressing how little we have moved in the last 3 years on these questions.

that loan be modified and that that person remain in their house, because if they do not, the value of their house is just going to go down.

But it seems it is clearly in the interest of people that can pay on their loans at a reduced value and who want to stay in their home, it is clearly in their interest to do that, right?

the value of the modified mortgage is worth more than the proceeds from a foreclosure sale would be, it would seem to me, and I could be wrong.

We did not mean to imply that you also agreed with the decision to impose a moratorium on all new deep water drilling.

Absolutely nothing to show for it.

I think Dodd-Frank requires a regular report from FSOC about financial stability and risks to financial stability.

That sounds to me like a big step in the right direction, and I am wondering how you are planning on sharing the results with the public.

I would appreciate that. That would be tremendous.

Thank you for having this hearing, and thanks to all of you for coming together.

Had what you are describing been in place precrisis, what are the things that you think--the macroeconomic trends that you think you might have picked up that were not picked up by the Fed?