They flooded liquidity in the marketplace but the mortgage rate is based much more on expectations of inflation. So if the average investor believes that there is inflation coming, they'll move that rate up.

And so Fannie Mae produces very strong results for investors in - when interest rates are high and when interest rates are low, in recession and during booms.

And so the danger for the housing industry is if we see interest rates rise.

Right now we think that rates will stay low, that you'll be able to get a mortgage below seven percent and that's kicked off a refinance boom that's going to put more money in the pockets of consumers.

I'm from Hackney, and it's an area that is not so pretty, and we have a different way of expressing ourselves than somebody from uptown that has lots of money.

We hear the stories every day now: the father who puts on a suit every morning and leaves the house so his daughter doesn't know he lost his job, the recent college grad facing up to the painful reality that the only door that's open to her after four years of study and a pile of debt is her parents'. These are the faces of the Obama economy.

My experience is that books take on a life of their own and create their own energy. I've represented books that have been sold for very little money and gone on to great glory, and I've seen books sold for an enormous amount of money published to very little response.

Power and wealth are not two of my main stakes.