Preventing liquidation of an unbalanced market will leave you in tears.

History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.

The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

In any case, the Federal Reserve will continue to monitor this sector closely.

If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment,

I assure this committee that, if I am confirmed, I will be strictly independent of all political influences, ... essential to that institution's ability to function effectively and achieve its mandated objectives.