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Now an investigation into illicit campaign financing points to Mr. Morales and his wealthy backers.
"We believe that if public financing points the way, it will then facilitate private investment," Ms. Brainard said.
It would also prohibit lenders from charging financing points and fees in high-cost mortgages, a practice that allows lenders to both strip equity from homeowners and hide the true cost of the loan.
"We believe that if public financing points the way, it will then facilitate private investment," Brainard said.
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So, before one even talks about planning rules or the green belt, there's a financing point: if central government wants to address the housing shortage, it will have to find a way to shovel more cash to local authorities.
She even gave a banker a tour of some of the properties for which she was trying to get financing, pointing out the working fireplaces, the river views, the strength of the assets.
On the financing point, he says jauntily, "If the BofA deal hadn't come about, we'd probably have gone public within a year, which would have upgraded our image".
This evidence, like earlier findings in finance, points to the usefulness of data on actual expectations for understanding economic behavior.
They were "foreign exchange dealers" who enacted a "transfiguration of finance", points out the financial historian Niall Ferguson.
As Michael Santoli at Yahoo Finance points out, the average consumer confidence number during a recession is about 79, and even with our recent boost, we're still lagging below that low bar.
Representative Timothy Wirth (D-Colo)., head of the House subcommittee on telecommunications, consumer protection and finance, points out that the SEC staff actually has decreased by 5% in the last five years as financial products have mushroomed.
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