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

Yes, I did. Thank you. I guess my basic question is, Do we feel comfortable with the level of collateralization that we are imposing on these programs for the TAF? I thought that we were expecting double collateral, and I had thought it was for a longer period of time, but it was only on the one day. I still don’t understand why it would be important on one day and not longer than that. But is 25 percent the right number? I just don’t know how to think about it. If the people who are the experts at this could offer some discussion and the appropriate assurances on that, I could certainly feel more comfortable about some of these exotic proposals. My concern is really that we seem to be doing this very quickly. The rationale for the choices that we are making is not exactly clear, and if we had a little more clarity, that would be better.

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