Excerpts from \"Comments on the current financial crisis\"
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 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."
The Federal Reserve and Texas
Remarks at a Community Luncheon Hosted by the Federal Reserve Bank of Dallas, San Antonio, Texas, August 29, 2006 ; "The business of getting it right on inflation is not an easy task. I keep a close eye on all of the inflation measures--especially now, when high energy prices and utility bills are putting pressure on many businesses to raise prices. But I put extra weight on the Trimmed-Mean PCE Deflator because I believe it provides a more realistic picture of the price pressures in the economy and more accurately measures what conditions the operations of our economy."
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."
Texas: what makes us exceptional? Where are we vulnerable?
Remarks before the Texas Economic Development Council Annual Conference, Dallas, Texas, October 6, 2011 ; "We must not lose track of this simple, unalterable, indisputable, critical fact: We have done well so far; our economy is mighty. But to stay ahead of the curve and compete in tomorrow?s global marketplace, Texas must better educate its population."
Globalizing the knowledge economy
Remarks before the Houston World Affairs Council, Houston, Texas, April 13, 2007 ; "We need new and better tools to help us determine just how globalization is affecting economies around the world, and how policymakers can reap benefits from these insights. Getting it right may well alter our notions of economic progress, with ramifications for how we approach the goal of price stability."
Explaining dissent on the FOMC vote for Operation Twist (with reference to Jan Mayen Island, Paul Volcker and Thor’s Hammer)
Remarks before the Dallas Assembly, Dallas, Texas, September 27, 2011 ; "Monetary policy cannot solve the problem of substandard economic performance unless it is complemented by fiscal policy and regulatory reform that encourages the private sector to put to work the affordable and abundant liquidity we are able to create as the nation?s monetary authority."
Challenges for monetary policy in a globalized economy
Remarks before the Global Interdependence Center, Philadelphia, Pennsylvania, January 17, 2008. ; "...the FOMC does not intend to just squat and wait should economic data and sound risk management signal that monetary accommodation is required."
Adios \"Texas Ratio\" (with an unauthorized rewrite of George Strait's most memorable song and a tribute to Bob Hankins)
Remarks at the Texas Bankers Association's 128th Annual Convention & Exposition, Fort Worth, TX, May 11, 2012 ; "We were simply rewriting the words to George Strait's song, "All My Exes Live in Texas." It's not just ex-wives, but ex-businesses, ex-employers, ex-taxpayers and ex-voters of Michigan and California (and New York and other areas of the country) who are pulling up stakes and coming to live a new life and thrive in Texas."
¡Ándale Pues! Get on with advancing Hispanic prosperity through education
Remarks at the Hispanic Economic Experience Conference, Dallas, Texas, June 16, 2011 ; "In Texas, as anywhere else in the United States and in all capitalist societies, "you earn what you learn." Every study known to man, and plain common sense, tells you that income is directly correlated to educational attainment."
The state of the West (with reference to George Shultz, Eisenhower, Buzz Lightyear, George Strait, the San Francisco Fed and Adam and Eve)
Remarks before the State of the West Symposium, Stanford, California, November 15, 2012 ; "Yes, Texas has a low propensity of social services, and employment growth should not be the only criterion for evaluating a state's performance. But we must remember that economic growth is the foundation for the other goals and aspirations a society may have. You cannot pay for social services unless you have the tax revenue to do so. You cannot have tax revenue unless you have sources from whom to collect it. And the best revenue source of all is a citizenry that is fully employed and an economy that ...