The Libor system is structurally flawed. It is a major problem for our financial system and for the confidence in the financial system. We need to address it.

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.

One would be forgiven for concluding that the assumed benefits of financial innovation are not all they were cracked up to be.

Ben Bernanke Quotes