Our former colleague from Texas , on behalf of the Financial Services Roundtable , Mr. Bartlett.STATEMENT OF THE HONORABLE STEVE BARTLETT , PRESIDENT AND CHIEF
MS. YELLEN
I expect headline PCE price inflation to decline to about 1 percent in 2009 and core PCE price inflation to be 1 percent next year .
MR. STOCKTON
The forecast that I circulated today does n't include yesterday 's decline or today 's increase .
MR. LOCKHART
Forward-looking sentiment of the directors of the Federal Reserve Bank of Atlanta turned decidedly pessimistic in January .
MR. MADIGAN
30 , MR. MADIGAN. , '' 3 I will be referring to the separate package labeled '' `` Material for Briefing on FOMC Participants ' Economic Projections . '' ''
Likewise , Secretary Paulson , Chairman Bair , and Chairman Cox have all acted aggressively in recent weeks .
Certainly in recent months , no one can accuse Chairman Bernanke , Secretary Paulson , Chairman Bair , and others of timidity in the face of this crisis .
MR. WILCOX
At that pace , GDP growth would have slightly exceeded our estimate of the rate of growth of potential output .
MR. WILCOX
-LSB- Laughter -RSB- The growth of real GDP was revised down by an average of 0.2 percentage point per year .
Prior to working for Chrysler , Mr. Nardelli served as Chairman , President , and CEO of the Home Depot .
We are then going to hear from Mr. Robert Nardelli , Chairman and CEO of Chrysler LLC and a member of the Board of Managers .
Prior to joining Ford in 2006 , Mr. Mulally worked for the Boeing Company with whom he became Executive Vice President of the Boeing Company and President and Chief Executive Officer of Boeing Commercial Airlines .
MR. MADIGAN
54 , MR. MADIGAN. , '' 2 I will be referring to the package labeled '' `` Material for Briefing on FOMC Participants ' Economic Projections . '' ''
MR. MADIGAN
Many of you were less clear whether you differed from the Greenbook path 2 The materials used by Mr. Madigan are appended to this transcript -LRB- appendix 2 -RRB- .
Mr. Morici , we welcome you to the Committee.STATEMENT OF PETER MORICI , PROFESSOR , ROBERT H. SMITH SCHOOL OF
Mr. Chairman , we look forward to working with you and the Committee to accomplish the important tasks set out in the Emergency Economic Stabilization Act .
The CPP executive compensation requirements will be a focus at our Board Compensation Committee meeting next week .
MR. FISHER
On the international side , Mr. Chairman , if I may -- Steve , I 'm curious about these Chinese inflation numbers .
PREPARED STATEMENT OF MARK ZANDI Chief Economist and Co-Founder , Moody 's Economy.com December 4 , 2008
The Chairman , '' Next , Mr. Robert Nardelli from Chrysler.STATEMENT OF ROBERT NARDELLI , CHIEF EXECUTIVE OFFICER , CHRYSLER
Prior to founding Promontory , Mr. Ludwig served as the Vice Chairman and Senior Control Officer of Bankers Trust Corporation/Deutsche Bank .
STATEMENT OF ARTHUR LEVITT , JR. , SENIOR ADVISOR , THE CARLYLE GROUP , AND FORMER CHAIRMAN , SECURITIES AND EXCHANGE COMMISSION ''
MR. EVANS
The unfolding financial situation is injecting enormous uncertainty into the economic outlook and policy picture .
MR. MADIGAN
74 , MR. MADIGAN. , '' 3 I will be referring to the separate package labeled '' `` Material for FOMC Briefing on Economic Projections . '' ''
MR. MADIGAN
Many of you also projected that the funds rate would exceed the level forecasted in the Greenbook by the end of the forecast period .
Mr. Garrett , '' Thank you , Mr. Chairman , and Ranking Member Bachus , for allowing the Members to share their views on this very important topic .
It was not until July 10th that the chairman scheduled a hearing entitled , `` Systemic Risk in the Financial Markets . ''
But you have to change and you have to become focused enough on change that you are helping our economy , the United States economy , transform itself to a green economy .
Mr. Watt , '' Mr. Washburn , you are recognized.STATEMENT OF MICHAEL R. WASHBURN , PRESIDENT AND CHIEF EXECUTIVE OFFICER , RED MOUNTAIN BANK , ON BEHALF OF THE INDEPENDENT COMMUNITY BANKERS OF AMERICA -LRB- ICBA -RRB- ''
MR. MADIGAN
Third , the law retains significant constraints on the assets that the Federal Reserve can purchase in the open market .
MR. MADIGAN
Finally , the Federal Reserve remains unable to pay explicit interest on balances held at the Federal Reserve by the Treasury and by foreign central banks .
MR. KOHN
Retail sales data suggest a deceleration in consumer spending late in the fourth quarter .
MR. FISHER
Mr. Chairman , I think we 've gone as far as is prudent for now , and that 3 percent , together with the other initiatives we 've taken to restore liquidity , is sufficient .
Mr. Nardelli served as Chairman , President , and CEO of The Home Depot prior to joining Chrysler last year .
Next we will hear from Mr. Richard Wagoner , Jr. , who has been Chairman and CEO of General Motors Corporation since 2000 .
Prior to joining Ford in 2006 , Mr. Mulally was Executive Vice President of the Boeing Company and President and Chief Executive Officer of Boeing Commercial Airlines .
Our next witness is Robert Nardelli , Chairman and CEO of Chrysler LLC and a member of the Board of Managers .
MR. EVANS
Clearly , the continued difficulties in the housing and credit markets as well as the unrelenting increases in energy prices pose important downside risks to activity .
MR. EVANS
I think our lending facilities have helped financial institutions gain time to facilitate the adjustment process .
VICE CHAIRMAN GEITHNER
48 , VICE CHAIRMAN GEITHNER. , '' Mr. Chairman , may I make an amendment to Eric 's question or suggestion ?
MR. FISHER
I think that , by being accommodative , we are encouraging others who have a role to play here -- you mentioned them yourself , Mr. Chairman -- to sit back and let us do the job .