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The troubled housing market -- a legacy of the deep bust that followed a historic boom in which reckless lending and borrowing led to the most punishing downturn since the Great Depression -- led to calls for the federal government to radically reform the way home mortgages are financed.
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The Fed is not among those who believe that America's unexpectedly deep housing bust will drag the rest of the economy down.
The goosander is a regal duck with an opulent, low-slung hull – brilliant white with a ostentatious pink blush on the bow, topped with a deep green, sculptured bust and signed off with the fine, hooked red bill.
The name missing from BNP Paribas's grovelling statement of "deep regret" for busting US sanctions was that of Baudouin Prot, the bank's current chairman and former long-serving chief executive.
He said the eurozone crisis, a hike in global commodity prices and a new assessment that the UK's economic boom was bigger and the bust deeper than previously believed was to blame.
Moreover, it could be both a deep and a prolonged bust.
In 2006 he made an address to the IMF in which he predicted that, among other things, the US economy was at risk of a housing bust and deep recession that would have dire consequences for the rest of the world.
The deep-sea gusher has bust out of all BP's top hats, containment domes, and junk shots.
The model shows that in those localities where building regulations had permitted more buildings to be constructed during the boom phase, prices fell to deeper level during the bust one.
The chancellor said the OBR analysis had shown the debt challenge was "even greater than we thought because the boom was even bigger, the bust even deeper and the effects will last even longer".
"Our debt challenge is even greater than we thought because the boom was even bigger, the bust even deeper and the effects will last even longer," the chancellor said.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com