[Hydroshock]

Clinton appointee or not, when someone with his resume speaks he is listened to to some degree or another by the markets. This does not bode well.

[Brujo]

Summers ... criticized the administration for not using government-backed mortgage lenders to help homeowners facing default on their loans.

Clinton appointee calls for more government bailout of persons who get in over their heads. No surprise there.

"You know, the substantial majority of the firms that were in the subprime mortgage business have already gone out of business. Many of the firms that remain have seen their stock prices fall by half or more," said Summers, now with the New York investment bank DE Shaw & Co.

Is he saying the worst is past? Why should the government do anything at all about this? It seems that he is supporting the view that the market self-corrected.