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.
BEN BERNANKEEducation – lifelong education for everyone – from toddlers to workers well advanced in their careers – is indeed an excellent investment for individuals and society as a whole.
More Ben Bernanke Quotes
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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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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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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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A gold standard doesn’t imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.
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I am very proud of my nerd-dom.
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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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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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September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
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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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The central bank needs to be able to make policy without short term political concerns.
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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
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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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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.
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So it’s important, as it affects overall levels of production and employment in the U.S. There are many domestic industries doing well in the United States, notwithstanding a strong dollar.
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