A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.

It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions

How much would you pay to avoid a second Depression?

It's the price of success: people start to think you're omnipotent.

If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.

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

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