SPEAKER INDEX CONTENTS INSERTS GALBRAITH 31 37 38 39 40 41 42 43 44 LUCAS 29 30 MCCULLEY 15 25 26 27 30 RYAN 1 9 12 13 14 19 23 24 26 27 28 30 31 SCHUMER 6 9 12 13 14 SHILLER 20 24 27 28 29 TOOMEY 37 38 39 40 41 42 43 44 CONTENTS SPEAKERS INSERTS STATEMENT OF HON. CHARLES E. SCHUMER, A SENATOR IN CONGRESS FROM THE STATE OF NEW YORK PAGE 6 STATEMENT OF PAUL McCULLEY, EXECUTIVE VICE PRESIDENT AND PORTFOLIO MANAGER, PACIFIC INVESTMENT MANAGEMENT COMPANY PAGE 15 STATEMENT OF ROBERT J. SHILLER, STANLEY B. RESOR PROFESSOR OF ECONOMICS AT YALE UNIVERSITY; RESEARCH ASSOCIATE OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH AND A MEMBER OF THE ACADEMIC ADVISORY PANEL FOR THE FEDERAL RESERVE BANK OF NEW YORK PAGE 20 STATEMENT OF STEVEN GALBRAITH, SENIOR INVESTMENT BANKING AND BROKERAGE ANALYST, SANFORD C. BERNSTEIN & CO. PAGE 31 INSERTS SPEAKERS CONTENTS NO INSERTS IN THIS HEARING