Editor's Note: This is a monthly publication on economic trends and financial policy issues. In this publication you can read "The Longbrake Letter", an analysis of economic trends and conditions written by Bill Longbrake, as well as commentary on financial regulation and policy written by members of the law firm Barnett, Sivon & Natter, P.C., a Washington, DC based law firm that specializes in financial services law.

ISSUE: #28, August 2012

The Longbrake Letter
- Bill Longbrake
August is the holiday month in much of the developed world. With a few exceptions, such as in 2007 and 2011, markets tend to be as languid as August summer breezes. August 2012 appears to be following the traditional pattern. But, the months of September and October have often been difficult. In this month's letter, Bill Longbrake reviews recent developments for U.S. and global GDP growth; discusses U.S. personal income, consumption and employment; explores how the U.S. economy can create more jobs; and provides updates on U.S. monetary policy and fiscal policy and developments in Europe, India and China.

The Need for Trust in the Mortgage Market
- Bob Barnett
Trust is needed to make economies function property. The absence of that understanding, or the willingness to ignore it and to refuse to take actions that promote trust exacerbated our housing cycle and has resulted in crushing rules, regulations, and distrust, all to the detriment of our economy..

Delayed Publication in the Federal Register
- Katie Wechsler
Recently there has been considerable lag time between proposed rules being announced by federal agencies and the publication of those proposals in the Federal Register. This article looks at the requirements under the Administrative Procedure Act (APA) to publish proposed rules in the Federal Register and the implications of a delay in that publication.

Deregulation and the Financial Crisis
- Raymond Natter
There is much debate in the press and among policymakers regarding the role of bank deregulation and the repeal of the Glass-Steagall Act as a prime cause of the financial meltdown. A more objective review of the legislation enacted in the past 30 years shows little to no connection between deregulatory laws and the subprime crisis.