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

Bill, in your remarks, you devoted quite a bit of time to the deteriorating situation in the monolines, the implication being that the risks they may have affect the whole system. In the normal course, do we have direct contact with them to get any insight beyond what we get through analysts and rating agencies? I think you said that they are not terribly transparent in terms of asset class and individual securities as to what they really hold. Have we had any direct dialogue just to inform ourselves as to what the real situation is?

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