the potential macro credential tools that might be used to find financial imbalances is another high priority. for example, the new policies regarding the regulatory framework includes a kind of cyclical capital buffer which may build additional resilience in the financial sector during times of buoyant credit creation. staff members are investigating the potential of this and other regulatory tools such as cyclically sensitive loan to value requirements to improve its financial stability. a number of countries, including both advanced and emerging- market economies, have already deployed such measures. their experiences should be instructive. although in principle, monetary policy can be used to address financial bounces, the perception remains that macro tools should service the first line of defense against emerging threats against instability . however, more remains to be done to better understand how to design and implement more effective macro creation tools and how these tools affect monetary policy. while liquidity provision and other emerging systems are critical, a rapid sh

the use of the macro credential type measures, i think one of -- one of the practical questions is can them in place quickly enough and preemptively enough? that is one of the things that the bank of england is working to try to find mechanisms for, more rapid response, so to speak. i think that is one of the real challenges. the fed put in new guidance on commercial real estate for meant toich was strengthen the criteria for risk management. it said you should not have too much cre on your balance sheet, etc.. that process went through more to have a more nimble system. the answer to the question that bill raised, i am sure there are some things that could have been done. unless everyone collectively knew what was going to happen willing to work cooperatively to make those steps, it is not obvious you could have avoided it. one more question. >> you expressed concern about the premature phaseout of fiscal stimulus at the end of 2010. do you think in a future session it might be helpful if the federal reserve were able and willing to give the cash transfer to the treasury so congress c