Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through.
Monetary policy itself cannot sensibly be directed at reducing imbalances.
And I think it's a prudent, responsible way, given the scale of the emergency, the scale of the damage still facing America, that we finance these additional support for the unemployed as well as the support for small business. We think there's a good case for doing it now. We want to do it in an overall fiscally responsible way.
The government can help, but we need to make this transition now to a recovery led by private investment, private.
The choice is between which mistake is easier to correct: underdoing it or overdoing it.
We will not support returning Fannie and Freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support.
