Sheila Bair delivered keynote remarks on the current state of the markets and possible policy solutions for alleviating the current credit crisis. Following her presentation, Martin Neil Baily, Douglas W. Elmendorf and Robert E. Litan presented a new Brookings paper about the current mortgage-housing crisis, "The Great Credit Squeeze: How It Happened, How to Prevent Another," analyzing what went wrong, how to fix the current problem, and necessary regulatory reform. Sebastian Mallaby then moderated a roundtable discussion.