Response Jude Wanniski April 21, 2005

From: Ben.S.Bernanke@***.gov
Subject: Re: Response
To: Jude Wanniski <jwanniski@polyconomics.com>
4/21/2005 4:41 PM

Jude:   Thank you very much for your detailed response (and I didn't mean to ruin your weekend!)   I am incredibly pressed for time right now, effectively doing two jobs, and I need to take a brief hiatus on this dialogue.  However, I did make a few replies to your response, just to highlight the points where I am still having some problems.  My replies are in bold in the attached document.  I hope that we can come back to this at some point in the future.

Thanks for all the effort you put into your comments.

Ben

(See attached file: wanniski_response.doc)