Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.
BEN BERNANKEThe impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
More Ben Bernanke Quotes
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How much would you pay to avoid a second Depression?
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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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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.
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House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
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I don’t think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.
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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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Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
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The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
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Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
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Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn’t dirty, you haven’t been in the game.
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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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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.
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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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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
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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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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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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 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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.
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It takes about two and a half percent growth just to keep unemployment stable.
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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.
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The crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.
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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.
BEN BERNANKE