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

Thank you, Mr. Chairman. Just a couple of comments. I, too, am supportive. I think the escalating and lengthening crisis really justifies this, and I see the TSLF action really as a measured and incremental response. In that respect, I am somewhat concerned that it may be too small and that the market may react that it’s too little and not preemptive enough. Having said that, I do think it’s an appropriate step, and it has a chance of reversing the dangerous dynamic that Bill Dudley referred to because it helps housing finance and may have some positive effect on housing prices ultimately, and that’s critical to stabilization. So I support both the TSLF and the swap. Thank you, Mr. Chairman.

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