“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”

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.

I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.

Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.

The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.

I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.

[Virtual Currencies] may hold long-term promise, particularly if the innovations Promote a faster, more secure and more efficient payment system.

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.

The GSEs are adequately capitalized. They are in no danger of failing.

Speaking as somebody who has been happily married for 35 years, I can’t imagine any choice more consequential for a lifelong journey than the choice of a traveling companion.

Weaker currencies abroad mean a strong dollar, and a stronger dollar, together with a weak global environment, is a drag on the U.S. econom.

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 know that being upset without having an avenue to fix anything is a real hard place to be in for too long. But it’s even worse thinking that it’ll go away if you just ignore it.

I’m asking you as an American to see all of the freedoms that you enjoy and see how they are rooted in things that the country you belong to condoned or actively participated in the past.

He had learned long ago that, in general, the easier it was for anxious patients to reach him, the less likely they were to call. (107)

As long as you’re enthralled by a lifeless form, you’re not free.

For a long time I listened to other people to decide whether I was still Christian or not, and I would sort of vet myself by the traditional formulae.

In the long run, most of us spend about fifteen minutes total in the entanglements of passion, and the rest of our days looking back on it, humming the tune.

I would not be at all surprised to find that it was for gold that Cain committed the first murder. (It happened a very long time ago, and Holy Writ, though no doubt divinely inspired, is a trifle careless about details. God is not a historian).

I have a long-standing interest in what I like to think of as “forbidden knowledge”: methods of unarmed killing, lock picking, breaking and entry, spy stuff, and other things that the government wants only a few select individuals to know.