Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
BEN BERNANKESeptember and October of 2008 was the worst financial crisis in global history, including the Great Depression.
More Ben Bernanke Quotes
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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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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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A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.
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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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I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.
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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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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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If Wall Street crashes, does Main Street follow? Not necessarily.
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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 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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Not all information is beneficial.
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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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I don’t see much evidence of an equity bubble.
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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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Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.
BEN BERNANKE