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Fed Transcripts

Ham Hockers

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The NYT highlighted part of an exchange in 2009, which I found both hilarious and frightening. In hindsight, maybe it's amazing how much Bernanke was able to push through, given the opposition.




“I am going to regret this, but I am going to ask you a question,” Mr. Bernanke said to Mr. Lacker. “Do you think the United States economy is at a Pareto efficient point at this moment?”


“Probably,” the Richmond Fed president replied.


“With the best position we can be at right now?” Mr. Bernanke continued.


“Roughly speaking. All constraints taken on board.”


Bernanke continued, “The question was, Is the United States economy at a Pareto efficient point at this moment? And the answer was ‘yes.’ Okay. So that is obviously a different view.”


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