• FED MEAUSRES CONTRIBUTED TO SOME IMPROVEMENT
• FINANCIAL MARKET CONDITIONS FAR FROM NORMAL
• END EXTRAORDINARY STEPS WHEN MARKETS MORE NORMAL
• FED READY TO INCREASE TAF AUCTIONS AS WARRANTED
• FAILURE WOULD HAVE CREATED MUCH BROADER CRISIS
• TAKE SOME TIME TO ADDRESS FUNDAMENTAL STRAINS
• TERM LIBOR PREMIUMS ABNORMALLY HIGH
• REGULATORS REVIEWING LIQUIDITY RISK MANAGEMENT
• MORAL HAZARD BEST ADDRESSED THROUGH REGULATION

Comments do not address the economy directly in his speech.