Both humanity's capacity to innovate and the incentives to innovate are greater today than at any other time in history.

The Fed is totally open.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

Not all information is beneficial.

Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.

Given the central role of effective, firmwide risk management in maintaining strong financial institutions, it is clear that supervisors must redouble their efforts to help organizations improve their risk-management practices...We are also considering the need for additional or revised supervisory guidance regarding various aspects of risk management, including further emphasis on the need for an enterprise-wide perspective when assessing risk.