Q: Mr. Chairman, why has the Fed engaged in this extraordinary monetary expansion?
A: Because the financial system was - and by many metrics remains - insolvent.
Q: Gold and silver are up dramatically since your programs have been executed. Does this worry you?
A: Yes, they are and no, they don't.
Q: Will there be further debt monetization?
A: Certainly not before the budget is passed and the TREND of deficits is addressed.
Q: If the economy has traction, what is the "exit" strategy?
A: We will be winging it.
Thank you, see you in 3 months.