“I do not have a new message here; we have known for a long time that advance preparation and a strong balance sheet are the keys to riding out a financial storm. As I have emphasized before, the Federal Reserve can deal with liquidity pressures but cannot deal with solvency issues.” – William Poole, President of the Federal Reserve Bank of St. Louis, February 29, 2008 (as recently quoted by Dr. Gary North in his Reality Check e-newsletter.)
Jim’s Quote of the Day:
