This does not involve a change in the stance of monetary policy. It is a technical change.
These are hard decisions, and I certainly feel for the affected employees, ... At the same time, the loan board has a responsibility to taxpayers, and to fostering the long-term health of the airline industry. Given our conclusion that the business plan submitted by the company is financially unsound, I believe it best not to approve the United proposal.
I think that Greenspan does have a very good intuitive sense of the economy, and the hardest thing with central banking is dealing with turning points.
The No. 1 goal of everyone who was there was keeping prices stable.
There's no shortage of information. You have to figure out what's important.
We needed some bankers. Presidents have realized that you're better off leaving the Fed alone, by getting good people over there and letting them manage the economy.
We have done everything but tell you what our target is ... if you want to look at our past behavior, it's kind of magical. In the last decade (inflation excluding food and energy) has been between 1% to 2%.
It never got acrimonious. They're both very reasonable people, they know each other well, they're friends. They have, I think in the scheme of things, a relatively modest disagreement.
If you want to keep politicians out of the Fed's business, which we do, then we ought to stay out of their business. That's one viewpoint.
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