I think policy is currently quite accommodative. I think it can remain quite accommodative for a while to come,

As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.

Of course, economic forecasts must be revised when new information arrives and are thus necessarily provisional.

Given the extent of the exposures of major banks around the world to A.I.G., and in light of the extreme fragility of the system, there was a significant risk that A.I.G.'s failure could have sparked a global banking panic.

I came home from school one day, and there was a phone call for me. And I picked up the phone. They said, 'This is the Harvard Admissions Department. We'd like to let you know that you're accepted in the freshman class.' And I said, 'Come on, who is this really?'

A gold standard doesn't imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.