Indeed, we pretty much already have “a government controlled banking and housing market” — GSE’s are too far in debt to ever go private again, our economic “recovery” is entirely dependent on debt spending as stimulus, and with the Fed considering underwriting and integrating DTCC into it’s empire, we’re looking at a very different landscape in 2010, a much more overt “command economy” stretching into the foreseeable future.

Then again, huge market upheavals create even huger opportunities. Our situation is very similar to the 1974 market that made Michael Milken so powerful.