If Wall Street crashes, does Main Street follow? Not necessarily.

Monetary policy is not a panacea.

It takes about two and a half percent growth just to keep unemployment stable.

The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.

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

Although low inflation is generally good, inflation that is too low can pose risks to the economy - especially when the economy is struggling.

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