In the US, households have been traumatised by the twin fear of losing their jobs and their houses. We have observed two particular aftershocks to the crisis, neither of which was expected, as countries struggle to rebalance in two distinct ways.
Ladies and Gentlemen, I want to emphasize that the Central Bank and SEC do have frequent contact with each other as regulators. The Chairman of the SEC and I often consult each other on matters of mutual regulatory concern. The Central Bank has a representative on the Board of Commissioners of the SEC.