I think the world is going through the standard five phases of grieving about the mortgage crisis. The stages are denial, anger, bargaining, depression, acceptance. At this conference here, I'm finally sensing some anger from these folks who ran the treasury ministries around the world. There is relief at the bailout of Fannie and Freddie, but now anger. Anger that the U.S. crisis toyed with global "economic armageddon" (the quote is from Adam's story on ATC tonight). There's lots of talk about how the world needs a more "muscular" regulatory framework to keep a watch on the global economy. But the consensus here is this was a U.S. problem and that everyone else was along for the ride.