Digits and Widgets (With Reference to a Wise Mother, the Golden Book Encyclopedia, Winston Churchill and Hunter Lawrence)
Remarks before the Austin Chamber of Commerce’s 4th Annual State of Education in Austin Conference
Austin, Texas
December 8, 2009
"In the world of “superfine processes” of the Knowledge Age, digits are the new widgets. The brain is to the Knowledge Age and the mastery of digits what the engine was to the Manufacturing Age and the management of widgets. Education is the steam and the oil and the gas that propel that engine. The speed at which we move our economy forward from this point onward will depend on how well we educate our children."

Paradise Lost: Addressing ‘Too Big to Fail’ (With Reference to John Milton and Irving Kristol)
Remarks before the Cato Institute’s 27th Annual Monetary Conference
Washington, D.C.
November 19, 2009
"In the words of Milton, I would say that regulation should be designed to enable financial institutions to be 'sufficient to have stood, though free to fall.'"

The Current State of the Economy and a Look to the Future (With Reference to William ‘Sidestroke’ Miles, W. Somerset Maugham, Don Ameche and Kenneth Arrow)
Remarks before the Austin Headliners Club
Austin, Texas
November 10, 2009

The Role of Globalization in the Financial Crisis and Recovery
Remarks before the O’Neil Center for Global Markets and Freedom Conference
SMU Cox School of Business
Dallas, Texas
October 16, 2009

Excerpts from Remarks Before the Texas Christian University Business Network of Dallas
Dallas, Texas
September 29, 2009
"I have faith my colleagues on the Federal Open Market Committee will stand and deliver in a timely way. And I expect that when it comes time to tighten monetary policy, my colleagues and I will move with an alacrity that, if needed, will be equal in speed and intensity to that with which we pursued monetary accommodation."

Remarks Before the 55th Annual Meeting of the North Dallas Chamber of Commerce
Dallas, Texas
September 9, 2009
"As to the Federal Reserve reducing its balance sheet so as not to monetize the excess reserves waiting to be converted to bank loans to the private sector, I have been very clear: Given the lag between the time monetary policy is initiated and when it impacts the economy, that wind-down process needs to begin as soon as there are convincing signs that economic growth is gaining traction and that the lending capacity of the banking system is capable of expansion."

Post-Traumatic Slack Syndrome and the Economic Outlook (With Thanks to Finn Kydland, Dolly Parton and John Kenneth Galbraith)
Remarks at the Laboratory for Aggregate Economics and Finance
University of California, Santa Barbara
September 3, 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."

Two Areas of Present Concern: the Economic Outlook and the Pathology of Too-Big-to-Fail (With Reference to Errol Flynn, Johnny Mercer, Gary Stern and Voltaire)
Carlsbad, California
July 23, 2009
"A lot of former negatives are being eliminated. We are seeing changes from negative impulses to slightly positive ones. This accentuates the positive in the aggregate. We probably have the beginnings of a faint recovery."

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 have been growing at a robust pace, not shrinking."

Back from the Abyss: Now What?
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 managers are reporting that the pace of decline in new orders has abated; and retail sales are getting slightly less worse. These are encouraging signs. But we are not out of the woods. We have miles to go before we sleep."

The Economic Predicament of the United States and the Federal Reserve’s Response in a Globalized World
Remarks before Tsinghua University’s School of Economics and Management
Beijing, China
April 17, 2009
"The Federal Reserve is in the process of acquiring the tools to short-circuit any inflationary consequences of its balance sheet growth."

The Economic Situation of the United States and the Federal Reserve’s Response
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 U.S. economy toward wage cuts and freezes, rising unemployment, the widespread loss in wealth that has resulted from both the housing and equity market corrections, continually declining consumption and business investment, and the anemic condition of the banking and credit system, all of which reinforce downside price pressures in a global economy groaning with excess capacity."

Excerpts from “Comments on the Current Financial Crisis”
Remarks before the Ninth Annual R.I.S.E. (Redefining Investment Strategy Education) Forum
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 mad in herds.' Just as the astute investor should have resisted joining the thundering herd's mad euphoria, I suggest you resist joining in the current stampede of despair."

Comments on the Current Financial Crisis (an Abridged Version)
Remarks before the 2009 Global Supply Chain Conference
Fort Worth, Texas
March 4, 2009
"If, in the process of doing what is right and proper by confining its activity to its singular purpose, the Federal Reserve becomes a 'nuisance,' so be it. The Fed under Paul Volcker's leadership was certainly a 'nuisance,' but you would be hard-pressed to find anyone alive today who would argue the fact that the Volcker Fed pulled the nation from the precipice of economic calamity. It is important that the Federal Reserve be left to do its job and no more."

Albert H. Gordon Lecture: Comments on the Current Financial Crisis
Remarks at Harvard’s John F. Kennedy School of Government
Cambridge, Massachusetts
February 23, 2009
"It may seem like the stuff of the wildest dreams to imagine our getting ourselves out from our current nightmarish predicament. But I believe we can and we will. We are Americans. I believe deep in my soul that when put to the test, Americans rise to the occasion no matter how great the challenge. We have done it time and again. We have no choice but to do it once more, now."

The Fed's Response to the Current Economic Challenge (With References to Gershon Bleichröder and Central Bank Independence)
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 that is America."