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

I just want to raise two things that worry me. One is that, when these programs are small, you subsidize X percent of the credit market. The other 1 minus X percent, the effect on their rate of return, their borrowing costs, probably is small. But when X gets near—I don’t know where it is now—⅓ or ½, then our subsidization is raising borrowing costs for everyone who doesn’t get money.

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