[virtual Currencies] May Hold Long-term Promise, Particularly

The Economic Repercussions Of A Stock Market Crash Depend Less On The Severity Of The Crash Itself Than On The Response Of Economic Policymakers, Particularly Central Bankers.

Among The Largest Banks, The Capital Ratios Remain Good And I Don’t Expect Any Serious Problems . . . . Among The Large, Internationally Active Banks That Make Up A Very Substantial Part Of Our Banking System.

The Lesson Of History Is That You Do Not Get A Sustained Economic Recovery As Long As The Financial System Is In Crisis.

The Risk Exists That, With Aggregate Demand Exhibiting Considerable Momentum, Output Could Overshoot Its Sustainable Path, Leading Ultimately In The Absence Of Countervailing Monetary Policy Action To Further Upward Pressure On Inflation.

I Think One Of The Lessons Of The Depression - And This Is Something That Franklin Roosevelt Demonstrated - Was That When Orthodoxy Fails, Then You Need To Try New Things. And He Was Very Willing To Try Unorthodox Approaches When The Orthodox Approach Had Shown That It Was Not Adequate.