The Bear Stearns bailout created an implicit guarantee that will create a great deal of moral hazard unless we smartly regulate investment banks in a way that doesn't destroy their value; so say Dwight Jaffee and Mark Perlow.

Aaron Edlin and Dwight Jaffee wonder: where has all the money and credit gone? Bank reserves at the Fed are monumental, and they suggest a tax on excess reserves.

Thomas Russell and Dwight Jaffee argue that private markets should be able to insure against catastrophes like Hurricane Katrina or 9/11, but if government must, then it should follow the same actuarially based pricing and reserving rules that would be followed by a competitive private market.

Edward Glaeser and Dwight Jaffee argue that Freddie Mac and Fannie Mae are actively pursuing great risk at taxpayer expense and private profit: the cure is a tax on their $1.5 trillion in borrowing that could yield as much as $6 billion a year.

Santa Clara County in California was the world capital of the dot-com economy before the bubble burst. Yet since the dot-com bubble burst housing prices have continued to rise. John Quigley asks: What's going on?