The greatest single cause of the fiscal surplus of the 1990s was the stock market bubble, which led to an unsustainably high level of economic activity and tax revenues.

History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.

A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street.

The Mexican debt crisis, Latin American debt crisis, the crises of the 1990s, the Wall Street stock market crash, and other events should have reminded us, and did remind us, that financial instability remains a concern, remains a problem.

The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.

Preventing liquidation of an unbalanced market will leave you in tears.