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

Well, I will comment in support of both the TAF and the swap facility. I think the circumstances warrant action. You have laid out the risks, the uncertainties, and as you called it, Chairman Bernanke, the unknowables. I think they are there but not extreme. I think this will help at a technical level and potentially at a symbolic level. This has value in addressing the confidence equation. In the run-up to the FOMC, I commonly speak to a number of people in the financial community, and I think this will help. So to me this is a pragmatic response to the market situation, which, as you characterize it, we don’t know if it will work, but we will see if it works. I also applaud the ability to get something done in the case of two auctions before year-end. I think that is very helpful. So I am interested in the answers to the questions that have been posed and other questions that will come, but for go-round purposes, I am supportive of both.

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