6  In the more popular version of the narrative, housing was, and is, the dominant character on the stage. In my view, as I have discussed previously, these housing-related losses are consequential, but they were the spark, not the cause, of the turmoil.
8  See Board of Governors of the Federal Reserve System (2019), “Federal Reserve Issues FOMC Statement,” press release, October 30, https://www.federalreserve.gov/newsevents/pressreleases/monetary20191030a.htm  -9Thank you very much for your time and attention and for the invitation to speak at the Japan Society this afternoon.