The excess stock of dwellings has to be worked off; the bad loans have to be recognised and written down; and to the extent that the recognition of all this damages the balance sheets of major financial institutions (not all of which are American), repair work is in order.
One aspect of such a report could highlight the policy paths implied by a few Taylor-like or robust rules and use them as benchmarks to set and communicate policy in a more systematic, rule-like way.