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

Well, implicitly, what are the limits to it? How are we going to approach the banking issue? What are we going to do about failing firms? How are we going to try to address the securitization markets? I think the more clarity we can provide—I fully agree with the critique that lurching is very bad, and we need to provide an overview. There is a lot of sympathy from the new Treasury to do that, and we just have to overcome the fact that we’re in a transition at the moment. But I take that point. It’s a very good point.

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