“The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.”

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

If your uniform isn’t dirty, you haven’t been in the game.

I assure this committee that, if I am confirmed, I will be strictly independent of all political influences… essential to that institution’s ability to function effectively and achieve its mandated objectives.

Life is amazingly unpredictable; any 22-year-old who thinks they know where they will be in 10 years, much less in 30, is simply lacking imagination.

I am confident that we will meet whatever challenges the future may bring.

The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence and pressuring US financial markets and institutions.

The central bank needs to be able to make policy without short term political concerns.

A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.

The American people are among the most productive in the world. We have the best technologies. We have – great universities. We have entrepreneurs.

The Federal Reserve is not currently forecasting a recession.

The more important reason is that the research itself provides an important long-run perspective on the issues that we face on a day-to-day basis.

I come from Main Street, from a small town that’s really depressed.

Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.

I don’t see much evidence of an equity bubble.

Education – lifelong education for everyone – from toddlers to workers well advanced in their careers – is indeed an excellent investment for individuals and society as a whole.

It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.

I’ve never really felt that I’ve had the right hair cut, or had the right clothes.

There was a lot of stuff [in Rock of Ages] that had effects in it and I thought it was too smooth.

The fact is that the British Museum had a complete specimen of a dodo in their collection up until the 18th century

You can always count on the New York Times to cut your legs off.

I don’t think it’s fair – you get married, you give your wife a wedding ring. I think you should give her a mood ring.

I get to sing a great song called “Proud of your boy” which was by Alan Menken and Howard Ashman and they were so hurt when it had to be cut from the film [Aladdin].

You see, Hansel and Gretel don’t just show up at the end of this story. They show up. And then they get their heads cut off. Just thought you’d like to know.

This is what I find most magnetic about successful givers: they get to the top without cutting others down, finding ways of expanding the pie that benefit themselves and the people around them.