Ben Bernanke: “the worst financial crisis in global history, including the Great Depression.”

Privatization would solve several problems associated with the current GSE model. It would eliminate the conflict between private shareholders and public policy and likely diminish the systemic risk, as well. Other benefits are that…

Yes, my suggestion to Congress is to consider possibilities that involve somewhat less restraint in the near term and more action to make sure that we are on a sustainable path in the long run.

Finding a way to deal with that issue I think is the most challenging part but has the biggest payoff.

We are working hard with our colleagues to put the Volcker rule into place, and that will restrict proprietary trading.