While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.

I generally leave the details of fiscal programs to the Administration and Congress. That's really their area of authority and responsibility, and I don't think it's appropriate for me to second guess.

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

We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.

September and October of 2008 was the worst financial crisis in global history, including the Great Depression.

House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.

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