Speech FED Chairman Ben S. Bernanke At the Greater Austin Chamber of Commerce, Austin, Texas

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Speech
Chairman Ben S. Bernanke
At the Greater Austin Chamber of Commerce, Austin, Texas
December 1, 2008

Federal Reserve Policies in the Financial Crisis

It is a privilege for me to be here in Texas, and I would like to thank the Austin Chamber for hosting this luncheon. The Texas economy is strong and diversified, accounting for more than a trillion dollars of output last year. However, our nation, and Texas too, is being tested by economic and financial challenges. Those challenges and the Federal Reserve's policy responses are the topic of my remarks today.

Federal Reserve Policies during the Crisis
As you know, this extraordinary period of financial turbulence is now well into its second year. Triggered by the contraction of the U.S. housing market that began in 2006 and the associated rise in delinquencies on subprime ...

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