In the future, my communications with the public and with the markets will be entirely through regular and formal channels.

There's no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.

The amount of currency in circulation is not changing. The money supply is not changing in any significant way.

Although low inflation is generally good, inflation that is too low can pose risks to the economy - especially when the economy is struggling.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.

The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.