The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.

The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.

Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system.

Monetary policy itself cannot sensibly be directed at reducing imbalances.

Most consequential choices involve shades of gray, and some fog is often useful in getting things done

The choice is between which mistake is easier to correct: underdoing it or overdoing it.

There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.