Bill Foster: “We want to staple a green card to their Ph.D. thesis.”

I think it is my personal goal to die before we have another financial crisis, and then I will be doing my job well.

Do you remember with AIG, the real problem with AIG falling into bankruptcy is that it would immediately put a bazillion of the European banks into violation of their capital requirements, which was major contagion that----

If you conclude, as you are actively studying it, that you need more visibility into certain areas of, particularly nonbank things that may be parts of the chain of contagion, please let us know, because it is our job to avoid the next…

While the Presidency is often the focus of political pronouncements about macroeconomic conditions, there is no question that it undersells the importance and the independence of the work of the Federal Reserve Board.