By the way, there is nothing particularly unusual about a central bank refusing to purchase the debt of public-sector entities.

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In order to believe the economy is on the brink of a lasting recovery we need to see that banks are lending money to the private sector in order to purchase capital goods that are used to create wealth.

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The direct route is quantitative easing, which involves the purchase of government bonds from the private sector.

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If the CDS payout had not been triggered, the private sector investors would view the purchase of such sovereign debt as having significantly more risk, and that would result in a much higher interest cost of that sovereign debt to the issuing countries.

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This ETF gives access to the Chinese materials and commodities sector that would benefit from increased home building and the purchase of consumer appliances and furniture associated with it.

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Also, there remain potential macro risks to the housing sector, which could include a spike in interest rates, which could slow down purchase activity.

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We also have pointed out, though, that the idea of a national moratorium would impact the recovery in the housing sector, as anybody that wished to enter into a contract or execute a contract to purchase a home that had previously been foreclosed on, that process stops.

WHITEHOUSE: Press Briefing