“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.”

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

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.

The GSEs are adequately capitalized. They are in no danger of failing.

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.

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.

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

If your uniform isn’t dirty, you haven’t been in the game.

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.

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.

I am confident that we will meet whatever challenges the future may bring.

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.

The central bank needs to be able to make policy without short term political concerns.

A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.

The American people are among the most productive in the world. We have the best technologies. We have – great universities. We have entrepreneurs.

The Federal Reserve is not currently forecasting a recession.

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.

If you waste your time and energy on things that don’t matter in the outcome of the game, then when you get to the game you’re not going to give your teammates the best that you have to offer.

Grow old along with me! The best is yet to be, the last of life, for which the first was made. Our times are in his hand who saith, ‘A whole I planned, youth shows but half; Trust God: See all, nor be afraid!

There is no real direction here, neither lines of power nor cooperation. Decisions are never really made – at best they manage to emerge, from a chaos of peeves, whims, hallucinations and all around assholery.

What ever the motive for the insult, it is always best to overlook it; for folly doesn’t deserve resentment, and malice is punished by neglect.

The evening’s the best part of the day. You’ve done your day’s work. Now you can put your feet up and enjoy it.

Love and scandal are the best sweeteners of tea.

Solitude sometimes is best society.

Nature’s law, That man was made to mourn. Man’s inhumanity to man Makes countless thousands mourn! O Death, the poor man’s dearest friend, The kindest and the best!