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
BEN BERNANKEIn 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.
More Ben Bernanke Quotes
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One might as well try to perform brain surgery with a sledgehammer.
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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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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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Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve’s other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
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The best approach here, if at all possible, is to use supervisory and regulatory methods to restrain undue risk-taking and to make sure the system is resilient in case an asset-price bubble bursts in the future.
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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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The Fed is totally open.
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The GSEs are adequately capitalized. They are in no danger of failing.
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The American people are among the most productive in the world. We have the best technologies. We have – great universities. We have entrepreneurs.
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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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I come from Main Street, from a small town that’s really depressed.
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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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A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.
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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.
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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.
BEN BERNANKE