Good evening. It is indeed a great privilege to be here this evening as one of the speakers in the Catherine Bauer Wurster Lecture Series. I am here in the interests of ideological balance. Or, to put it more sim­ ply, I'm the bad guy. It has fallen to me to be the defender of the hated Reagan-Bush do-nothing policies which, according to Peter Dreier, drove American housing markets into the ground. To be called upon to defend the market at Berkeley is about as comfortable a position as de­ fending socialism before the U.S. Cha'Tiber of Commerce. But what the heck: if I have survived doing this kind of thing for twenty-odd years in New York, I certainly can do it once again here in Berkeley. After all these years, I still love preaching to the unconverted.