The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
BEN BERNANKENot all information is beneficial.
More Ben Bernanke Quotes
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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 amount of currency in circulation is not changing. The money supply is not changing in any significant way.
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The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
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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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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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The central bank needs to be able to make policy without short term political concerns.
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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 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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I generally leave the details of fiscal programs to the Administration and Congress. That’s really their area of authority and responsibility, and I don’t think it’s appropriate for me to second guess.
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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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Although low inflation is generally good, inflation that is too low can pose risks to the economy – especially when the economy is struggling.
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It is not the responsibility of the Federal Bank – nor would it be appropriate – to protect lenders and investors from the consequences of their decisions
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I don’t fully understand movements in the gold price.
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It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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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.
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I am confident that we will meet whatever challenges the future may bring.
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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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House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
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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.
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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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If your uniform isn’t dirty, you haven’t been in the game.
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How much would you pay to avoid a second Depression?
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September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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I come from Main Street, from a small town that’s really depressed.
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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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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.
BEN BERNANKE