I did not plan to talk about the demands and challenges of your profession. Instead Ms. Lee Loy (Angela) gave me permission to introduce a topic which I hope is of personal interest to you, since from my vantage point, it should have considerable national interest.
It would not be desirable if the public were to believe that the central bank would act to prevent dramatic falls in asset prices, thereby underwriting accumulated capital gains. On the contrary, for the smooth functioning of asset markets it is important that proper incentives are given to investors to assess the values and risks inherent in the underlying assets.