In The Financial System We Have Today,

The Choice Is Between Which Mistake Is Easier To Correct: Underdoing It Or Overdoing It.

As Financial Markets Continue To Broaden And Deepen, The Behavior Of Asset Prices Will Play An Important Role In The Formulation Of Monetary Policy Going Forward, Perhaps A More Important Role Than In The Past.

The Rest Of The World Needs The U.s. Economy And Financial System To Recover In Order For It To Revive. We Remain At The Center Of Global Economic Activity With Financial And Trade Ties To Every Region Of The Globe.

If You Don't Try To Generate More Revenues Through Tax Reform, If You Don't Ask, You Know, The Most Fortunate Americans To Bear A Slightly Larger Burden Of The Privilege Of Being An American, Then You Have To - The Only Way To Achieve Fiscal Sustainability Is Through Unacceptably Deep Cuts In Benefits For Middle Class Seniors, Or Unacceptably Deep Cuts In National Security.

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.