Courage to Act

I quickly learned that trying to resolve disputes by fiat didn't work in a crowd of strong-minded people with high regard for themselves. I had to consult, and listen, and listen some more. Once people had an opportunity to express their concerns they would often be satisfied, if not happy.

Our minds are no less inventive, our goods and services no less needed than they were last week, or last month, or last year. Our capacity remains undiminished.... Starting today, we must pick ourselves up, dust ourselves off, and begin again the work of remaking America - Obama

America and the world owe you a debt of gratitude.

I valued collegiality, creativity and cooperation.

The collegial approach had many advantages. Blue-sky thinking led to new ideas; careful discussion winnowed and tested those ideas. Involving everyone from FOMC policy makers to staff members in blue-sky thinking gave each person a stake in making the resulting policies work. Encouraging public debate reassured people outside the Fed that we were considering a wide range of views. The collegial approach built goodwill and trust, which proved vital when events forced me to take action without much or any consultation.