Now if the central bank of the largest economy in the world can just chalk it up to experience, so can I. Don’t be afraid to do anything.
(via FRB: Speech—Kohn, Monetary Policy in the Crisis: Past, Present, and Future—January 3, 2010)
“Finally, it is well to remember that we are still in uncharted waters. We do not have any recent experience with financial disruptions of the breadth, persistence, and consequences of those that we have experienced over the past several years. And we have no experience with most of the sorts of actions the Federal Reserve has taken to counter the shock… We will need to be flexible and adjust as we gain experience.”
