While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
BEN BERNANKEHow much would you pay to avoid a second Depression?
More Ben Bernanke Quotes
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Nobody really understands gold prices and I don’t pretend to understand them either.
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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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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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The amount of currency in circulation is not changing. The money supply is not changing in any significant way.
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I don’t see much evidence of an equity bubble.
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How much would you pay to avoid a second Depression?
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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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It’s the price of success: people start to think you’re omnipotent.
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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’d throw dollars out of helicopters if I had to, to stimulate the economy.
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If you are asking me if I would advocate that the Chinese go to greater flexibility in their exchange rate, I certainly would.
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In a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.
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The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
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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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The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.
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We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
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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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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.
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One might as well try to perform brain surgery with a sledgehammer.
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A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
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It takes about two and a half percent growth just to keep unemployment stable.
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The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
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The basic prescription for preventing deflation is therefore straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending.
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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 Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals
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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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