The current recession has deepened because of shrinking credit flows from banks, nonbank lenders and securities markets. This contrasts with the early 1990s, when new bonds and commercial paper cushioned a bank credit crunch, and with the high-tech investment bust of the early 2000s, when steady...

Global economic integration may have made other countries more dependent on each other and weakened their initial responses to U.S. economic fluctuations.

Presentation to the Commonwealth Club of California, San Francisco CA, June 30, 2009

"I envision an output path going forward from here that looks something like a check mark, with the Johnny Mercer effect giving us a near-term snapback from the short, intense downstroke, followed by a transition to a long period of slower growth corresponding to the elongated side of the mark."...

Remarks before the Washington Association of Money Managers, Washington, D.C., May 28, 2009. ; "A keen student of the H.4.1 and the Foreign and International Monetary Authority (FIMA) custody holdings reports of the Fed will detect that foreign official holdings of U.S. Treasuries and agencies...

"We are the nation's central bank and we are duty bound to apply every tool we can to clean up the mess that has soiled the face of our financial system and get back on the track of sustainable economic growth with price stability. The men and women of the Federal Reserve spend every waking hour...

Remarks before the Japan Center for Economic Research, Institute for International Monetary Affairs and Japanese Bankers Association, Tokyo, Japan, April 8, 2009. ; "But it is clear to me that in this environment, inflation is unlikely to present a serious threat given the pervasive bias in the...

Remarks Before CERAWeek, Houston, Texas, February 9, 2009. ; "Our senators and congressmen and -women must find a way to give our economic engine an activating short-term jolt without encumbering or disincentivizing the entrepreneurial dynamic that has made for the long-term economic miracle...

Remarks before the 125th Annual Convention of the Texas Bankers Association, San Antonio, Texas, May 15, 2009 ; "The most recent reports indicate that job losses may be slowing; trucking companies--a group often looked to as a leading indicator--report a slight pickup in sales; purchasing...

Remarks before the Ninth Annual R.I.S.E. (Redefining Investment Strategy Education) Forum Dayton, Ohio, March 26, 2009 ; "Here is a take-home quote from Charles Mackay's classic tome "Extraordinary Popular Delusions and the Madness of Crowds", written in 1841: 'Men think in herds...[and] they go...