Texas: What Makes Us Exceptional? Where Are We Vulnerable?
Remarks before the 2010 Pre-Session Legislative Conference
Austin, Texas
December 2, 2010
"With each passing year, Texas has consistently outperformed the rest of the nation in growing economic prosperity. Over the past three especially difficult years, the Texas economy has outperformed all other states, except for those tiny ones whose populations would not aggregate to the size of any of our major cities."

Recent Decisions of the Federal Open Market Committee: A Bridge to Fiscal Sanity? (Acknowledging Henry B. Gonzalez and Winston Churchill)
Remarks before the Association for Financial Professionals
San Antonio, Texas
November 8, 2010
"In sum, I asked that the FOMC consider that we might be prescribing the wrong medicine for the ailment from which our economy is suffering. Liquidity and abundant money are not the binding constraints on the economic activity we wish to see."

Rangers, Yankees and Federal Open Market Committee: One Game at a Time
Remarks before the New York Association for Business Economics
New York, N.Y.
October 19, 2010
"So, what will we likely decide at the next FOMC meeting? As with the American League championship, you'll find out when it's over and only then."

To Ease or Not to Ease? What Next for the Fed?
(With Reference to Bill Frenzel, Alan Greenspan, Masaaki Shirakawa, Sherman Maisel and Raghuram Rajan)
Remarks before the Economic Club of Minnesota
Minneapolis, Minnesota
October 7, 2010
"There is a great deal of legitimate debate still to take place within the FOMC on the subject of quantitative easing and the pros and cons and costs and benefits of further monetary accommodation. Whatever we might do, if anything, must be consistent with long-term price stability and not add to the nightmare of confusing signals already being sent to job creators. "

Observations on the U.S. Economy: Need the Fed Do More? (With Reference to Elvis Costello, Clarence Day, Narayana Kocherlakota and Bernard Baruch)
Remarks before the Vancouver Board of Trade
Vancouver, British Columbia
October 1, 2010
"Without exception, all the business leaders I interview cite nonmonetary factors—fiscal policy and regulatory constraints or, worse, uncertainty going forward—and better opportunities for earning a return on investment elsewhere as inhibiting their willingness to commit to expansion in the U.S. "

Monetary Policy Going Forward (Citing Bagehot, Bernanke and Babe Laufenberg)
Remarks before the Greater Houston Partnership
Houston, Texas
September 1, 2010
"If the fiscal and regulatory authorities are able to dispel the angst that they are reportedly causing, further accommodation may not be needed because the liquidity that has been built up on corporate balance sheets and in the excess reserves of banks might then be released into the economy and spur job creation."

Random Refereeing: How Uncertainty Hinders Economic Growth (With Reference to Lucky Puppies, Pepper...and Salt, Lawrence Summers and Thomas Jefferson)
Remarks before the Greater San Antonio Chamber of Commerce
San Antonio, Texas
July 29, 2010
"In whatever realm and whatever form, excessive uncertainty is the enemy of economic growth. As Ben Bernanke wrote in 1980, the 'resolution of uncertainty' can lead to '[a business] investment boom.' It follows, then, that if and as regulators and legislators provide more clarity, a major roadblock to economic growth will be removed."

Financial Reform or Financial Dementia?
Remarks at the SW Graduate School of Banking 53rd Annual Keynote Address and Banquet
Dallas, Texas
June 3, 2010
"Let me make my sentiments clear: It is my view that, by propping up deeply troubled big banks, authorities have eroded market discipline in the financial system."

Minsky Moments and Financial Regulatory Reform
Remarks before the 19th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies
New York City
April 14, 2010
"I think the disagreeable but sound thing to do regarding institutions that are TBTF is to dismantle them over time into institutions that can be prudently managed and regulated across borders. And this should be done before the next financial crisis, because we now know it surely cannot be done in the middle of a crisis."

Where We Go from Here: The Crisis and Beyond (With Reference to P. G. Wodehouse, John Kenneth Galbraith, Alan Greenspan and an Unnamed Eller College Student)
Remarks before the Eller College of Management, University of Arizona
Tucson, Arizona
March 30, 2010
"Generally, the data indicate that we will move down the field this year at about a 3 percent clip. It is less than we had grown accustomed to in the heyday before the crisis, and it may not result in as rapid a reduction in unemployment as we would like."

Lessons Learned, Convictions Confirmed
Remarks before the Council on Foreign Relations
New York City
March 3, 2010
"In theory, the Fed’s monetary policy and regulatory functions are separate. In practice, they are anything but—rather, it is a symbiotic relationship. The past two years have highlighted the interconnections of monetary and regulatory policy: Monetary policy depends upon regulation that ensures the soundness of financial institutions."

Roadblocks to Recovery (With Apologies to W. H. Auden and Gershon Bleichröder)
Remarks before the World Affairs Council of Dallas/Fort Worth
Dallas, Texas
February 10, 2010
"While it appears urgent, if not agreeable, to use massive public spending to stimulate an economy under duress, an economy cannot sustain long-term growth under the weight of significant fiscal burdens."

Risks to Sustained Economic Recovery (With Lessons Learned from Winston Churchill and Teddy Roosevelt)
Remarks before the Annual Meeting of the Waco Business League
Waco, Texas
January 12, 2010
"If the Congress is not careful and ends up where it is going in tampering with the independence of the Federal Reserve, it will indeed lead us down the path to the politicization of the central bank of the world’s greatest economy, putting the United States on a road that leads directly to economic ruin."