It is imperative on all of us as the policymakers, particularly the Congress which is responsible for fiscal policy, to make sure that we do achieve the necessary stabilization that will allow deficits to come down.
Bernanke emphasizes the need for Congress to stabilize fiscal policy.
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Right now our concern is that the Chinese currency policy is blocking what might be a more normal recovery process in the global economy, and it is to an extent hurting our recovery.
forcing these activities out of insured depository institutions would weaken both financial stability and strong prudential regulation of derivative activities.
I would argue that it is not responsible to focus all of the restraint on the very near term and do nothing about the long term.
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