*  *  *  The thoughts that follow are my own, and are not necessarily shared by my colleagues on the Federal Open Market Committee. I am grateful to Tim Clark, Andreas Lehnert, Nellie Liang, Ben McDonough, and Lisa Ryu for their input. Thank you.
The theme of this conference is, “Lessons from the Financial Crisis for Monetary Policy.” Given the opportunity to speak about this topic, my first thought was that I should organize my remarks around the familiar “lean versus clean” debate.