We converted an old kitchen into a job training center, where the same men and women I fed on the street were given a chance to learn cooking skills.
" He added, "If I were the Fed, I would stop buying mortgage-backed securities today.
Before I became Dallas Fed president in February 1991, I was only vaguely aware of the Jackson Hole confab even though I had been a senior official of the Richmond (and Baltimore) Fed for several years.
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"I was fed up with wrapping wool around pipes that somebody else had built, " he relates.
"I'm fed up with this question, " said Lippi, who offered no further comment on the subject.
"I think the Fed is in a wait-and-see mode, like the rest of us, " Jones said.
That's not the message we want to get across - I'm fed up of it.
Every time I saw the Fed pump money into the economy, it was a documented and needed boost.
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"I'm fed up with this and am going to throw my Madonna CDs in the garbage, " said another.
Rather, I expect the Fed to spend its limited political capital when financial market indicators are much more stressed.
And there are things that, obviously, in the past, I think the Fed has made a number of mistakes.
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Frankly, I think the Fed will feel forced to make this policy permanent.
"I hope the Fed has a lot of thumbs, because there is water breaking through the dikes everywhere, " O'Donnell said.
Mr. WILLIAM CHENEY (Chief Economist, John Hancock): I think the Fed is totally on the ball in terms of what it can do.
As a patriotic American, I hope the Fed and U.S. government officials defend the dollar, and the good faith and credit of America.
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"I get really fed up with the people who believe the entire idea that we're not going to read in libraries, " says Bradley.
With gold breaking out to new highs and the stock market in a happy mood, I doubt the Fed will be aggressive anytime soon.
And the American people I think are fed up with political posturing and an inability for politicians to take responsible action as opposed to dodge their responsibilities.
Mr. WESSELL: Well, I think the Fed has made pretty clear that they're likely to raise interest rates at the end of the month, unless there are some new developments that they don't expect.
So, unless the economy really nose-dives, I suspect the Fed will allow the market system to function normally this time around, allowing economic growth to slow if that is its inclination, and the stock market to adjust to that, without government interference.
"I think the Fed has established a menu of things that will give them much more power than they've ever had before, " says Peter Wallison, a fellow at the American Enterprise Institute and a former general counsel to the U.S. Treasury Department.
If the U.S. gets into outright deflation, I expect the Fed to react by increasing their assets and by outright monetization, buying treasuries from insurance and other companies, as putting more money into banks when they are not lending does not seem to be helpful as far as deflation is concerned.
Right here and now I must apologize to Fed Chairman Alan and former Treasury Secretary Bob for such bluntness--because I'm talking about you.
That definitely fired me up personally and I hope our team fed off it.
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