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But the vote didn't capture the extent of the concern and skepticism on the Committee.

He too greeted me warmly and praised the Fed's response to the crisis.

It was not a new argument, but Jeremy made it in more detail and in a particularly sophisticated way.

Jay expressed his concerns mostly within the Fed, as did Betsy. Sandy,

King gave me an important piece of information: He

I saw little evidence of an emerging consensus in favor of them and widespread confusion about how they would work.

Our whole strategy was based on finding a buyer,

But the end of tightening seemed in sight.

That dynamic would doom our efforts to failure.

was not subject to oversight by insurance regulators.

In worrying about the practical aspects of the plan more than political considerations, I may have been tone-deaf.

but it was another source of concern.

Perhaps my low-key approach hurt us politically, but I was not comfortable proceeding in any other way.

and it might even be the key to preventing the economy from sliding back into recession.

I made clear that I thought the benefits of our securities purchases had so far outweighed the risks.

I decided not to go. I didn't want to compromise the Fed's political independence by getting involved in the details of legislative disputes.

McCain, despite having asked for the meeting, seemed unwilling to work actively for a solution.

and I didn't expect any meaningful economic damage.

He and his company were caught up in a panic not

Obama seemed more interested in my views than McCain was.

The failure of this firm was unlikely to have a broad economic impact, and so we believed a 13(3) loan was not justified.

the requirement also limited the interventions available to the Fed.

in the absence of international coordination those rules might be inconsistent with U.S. standards,

The decision would depend on economic developments, especially on the persistence of inflation.