So it’s important, as it affects overall levels of production and employment in the U.S. There are many domestic industries doing well in the United States, notwithstanding a strong dollar.
BEN BERNANKEThe American people are among the most productive in the world. We have the best technologies. We have – great universities. We have entrepreneurs.
More Ben Bernanke Quotes
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The Fed is totally open.
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A gold standard doesn’t imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.
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One might as well try to perform brain surgery with a sledgehammer.
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Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
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I don’t see much evidence of an equity bubble.
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Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
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If Wall Street crashes, does Main Street follow? Not necessarily.
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Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow.
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It’s the price of success: people start to think you’re omnipotent.
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Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
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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.
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If your uniform isn’t dirty, you haven’t been in the game.
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Developments in financial markets can have broad economic effects felt by many outside the markets.
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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.
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We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s going to drive the economy too far from its full employment path, though.
BEN BERNANKE