Bill Fool, err Poole, St. Louis Fed President noted that the subprime pain is not over yet and urged policy makers to step-in and regulate the (subprime) mortgage industry to ensure stability.  Poole does believe that there is a future for the subprime end of the mortgage market and that it can operate effectively and safely under the right regulation and guidance.  Believe it or not Poole is retiring this month after a 10-year term on the Federal Reserve board.  He will not attend the March meeting where most expect a 50 bps rate cut and some are now saying 100 bps is a very real possibility.