How much would you pay to avoid a second Depression?
BEN BERNANKEBoth humanity’s capacity to innovate and the incentives to innovate are greater today than at any other time in history.
More Ben Bernanke Quotes
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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 people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
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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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Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
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I’d throw dollars out of helicopters if I had to, to stimulate the economy.
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The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
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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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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If your uniform isn’t dirty, you haven’t been in the game.
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If Wall Street crashes, does Main Street follow? Not necessarily.
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It’s the price of success: people start to think you’re omnipotent.
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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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It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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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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Nobody really understands gold prices and I don’t pretend to understand them either.
BEN BERNANKE