"It's not about helping banks, it's about helping people. We cannot afford to govern out of anger, or yield to the politics of the moment."
-- President Obama, to Congress on Tuesday night. It was a speech obviously written for the suffering American populace. On Wednesday, Federal Reserve Chairman Ben Bernanke followed up by telling the House Financial Services Committee that at-risk homeowners need rescuing. "Some borrowers presumably knew what they were getting into," Bernanke said. He added, "In many of these situations, we have to trade off the moral hazard issue against the greater good." The National Association of Realtors revealed how bad things are: Sales of existing homes fell in January to their lowest levels in nearly 12 years. --Jessica Shambora
"It started with housing. It will end with housing."
- FDIC Chairman Sheila Bair this afternoon at the Fortune 500 Forum in Washington, D.C. Bair talked about the need for the federal government to deploy some of its billions to help reduce foreclosures. She hit a wall with her recent $24 billion loan-modification proposal (Treasury Secretary Hank Paulson, who spoke here yesterday, refused to divvy TARP bailout funds for that), but MOREPatricia Sellers - Dec 2, 2008 4:41 PM ET
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