Ben Bernanke

Among other objectives, liquidity guidelines must take into account the risks that inadequate liquidity planning by major financial firms pose for the broader financial system, and they must ensure that these firms do not become excessively reliant on liquidity support from the central bank.

What Dred Scott's master might lawfully do with Dred Scott, in the free state of Illinois, every other master may lawfully do with any other one, or 1,000 slaves, in Illinois, or in any other free state.

The Fed needs an approach that consolidates the gains of the Greenspan years and ensures that those successful policies will continue - even if future Fed chairmen are less skillful or less committed to price stability than Mr. Greenspan has been.