Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Well, it really depends on what rate we are charging for the loan. Presumably we are going to charge for the loan at a rate that is attractive in times of extremis and somewhat expensive in normal times. So the question really is, Will the market financing improve quickly enough to make the market a cheaper source of funds? I don’t think we can count on all of these loans going away before the end of the term. I think we have to presume that the term could actually be three years because we just don’t know whether the financing will be available from the private sector sooner.

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