If Wall Street crashes, does Main Street follow? Not necessarily.
The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
The GSEs are adequately capitalized. They are in no danger of failing.
It's the price of success: people start to think you're omnipotent.
In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.