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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

Ben Bernanke

One might as well try to perform brain surgery with a sledgehammer.
BEN BERNANKE

Brain might Trying
The central bank needs to be able to make policy without short term political concerns.
BEN BERNANKE

Able Needs Political
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
BEN BERNANKE

Growth Long Running
The Federal Reserve is not currently forecasting a recession.
BEN BERNANKE

Federal Forecasting Recession Reserve
I come from Main Street, from a small town that’s really depressed.
BEN BERNANKE

Main Street Small Towns
Not all information is beneficial.
BEN BERNANKE

Beneficial Information
Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
BEN BERNANKE

Banking Banks Commercial Investment
If your uniform isn’t dirty, you haven’t been in the game.
BEN BERNANKE

Dirty Game Graduation
Although low inflation is generally good, inflation that is too low can pose risks to the economy – especially when the economy is struggling.
BEN BERNANKE

Economy Risk Struggle
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.
BEN BERNANKE

Demand Path Risk
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.
BEN BERNANKE

Committee Country Moving
I am confident that we will meet whatever challenges the future may bring.
BEN BERNANKE

Challenges Confident May Meet
Nobody really understands gold prices and I don’t pretend to understand them either.
BEN BERNANKE

Gold Gold Price
It’s the price of success: people start to think you’re omnipotent.
BEN BERNANKE

People Price Success Thinking
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

Casual Financial Problem Relationship
The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
BEN BERNANKE

Months Past Risk

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

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