CBNNews.com - Treasury Under Secretary for International Affairs David McCormick remarked on the economy and housing market as the nation deals with fallout from trouble with investment banks and Wall Street.

Mr. McCormick spoke at a special conference at the Brookings Institute in mid-September.

Everything that is happening in the economy is difficult for many American's to understand. The speech McCormick gave chronicles how the national financial crisis developed from the government's perspective. It gives a good overview with little partisan commentary.

He also comments on economic events in recent months and what it could mean to the average American family.

McCormick says the nation is going through a necessary correction in the housing market. He talks about how the housing market impacts the economy and the huge role that Fannie Mae and Freddie Mac play in it.

He also spoke about the major economic developments that have happened recently, including more problems with U.S. investment banks and overall issues facing the American economic system, such as gas prices,  foreclosures, and employment opportunities.

Click the player to hear his analysis and obversations about the economic issues facing American families.