John B. Taylor: “I note we had 300,000 foreclosure filings in December. The crisis is still going at full bore.”

I think it would be a mistake based on the knowledge we have now about how central banks work, and how economies work, to change the dual mandate even when we are in recovery, I think it is the responsible and right thing to do.

I certainly don't want to--want my grandkids to see the crisis scenario, in which the interest rate on the debt will skyrocket abruptly because investors will no longer have confidence in our government's ability to pay its bills.

I have become critical of the Federal Reserve policy regarding its unconventional policies, both before the crisis and after.

I would characterize it as they held interest rates too low for too long in that period, and that caused excesses in the housing market.