Subprime loans, Collateralized Debt Obligations and Credit Default Swaps were financial "innovations" that were applied to real estate markets and ultimately led to a global recession. What regulations are in place now around the world as well as in the U.S. as a result of the financial crisis; and how effective do you think these regulations will be in preventing another global recession caused by real estate? What might be the impact on the US and the world of recent deregulation measures? What is the potential impact of the current economic, regulatory and political landscape on the real estate industry in the US and worldwide? Make sure you address international as well as US aspects of this discussion.