The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.

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

Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases.

The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

The central bank needs to be able to make policy without short term political concerns.

If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.

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