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

Wherever you draw the line, there is going to be somebody who is just a bit away from the line that says, “I am very similar to those folks.” I am reasonably comfortable with where we draw the line. Here there is as much gap as you’re going to find. In my mind, the next one for which you could make a case would be India. However, India’s financial system isn’t as developed as is the case with these folks. They are not as integrated into the global financial system as is the case with these, so there is a bit of space there. But these are admittedly hard judgments, which we tried to flesh out regarding some of these issues in our memo.

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