Bernanke:  Speech stated the financial issues from sub-prime have begun to spill over into the broader market.  Banks have become more protective over their balance sheets.  Financial markets became “impared’ post August 7th FOMC meeting.  the discount rate cut was designed to provide liquidity source even if it’s not being used.  The Fed must take into account the economic consequences right now.  FOMC will act as needed to limit broader economic effects.  Homebuilding is less sensitive to monetary policy and as such so is the overall economy.  Good performance in other sectors is helping to offset housing downturn.  Housing downturn can contribute to a downturn in consumer spending.  No commitments to specific actions at this time.