It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
BEN BERNANKEIf your uniform isn’t dirty, you haven’t been in the game.
More Ben Bernanke Quotes
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The Fed is totally open.
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In fact, the world needs more nerds.
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Indeed, in general, healthy investment returns cannot be sustained in a weak economy, and of course it is difficult to save for retirement or other goals without the income from a job.
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Both humanity’s capacity to innovate and the incentives to innovate are greater today than at any other time in history.
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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.
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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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The Federal Reserve will not monetize the debt.
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It’s the price of success: people start to think you’re omnipotent.
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Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
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If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.
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I don’t fully understand movements in the gold price.
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It takes about two and a half percent growth just to keep unemployment stable.
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A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.
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Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand
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The Federal Reserve is not currently forecasting a recession.
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The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.
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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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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.
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The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.
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While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
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The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
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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.
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Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
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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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I don’t think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.
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Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.
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