How much would you pay to avoid a second Depression?
BEN BERNANKEI am confident that we will meet whatever challenges the future may bring.
More Ben Bernanke Quotes
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I am very proud of my nerd-dom.
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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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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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I don’t see much evidence of an equity bubble.
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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 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 central bank needs to be able to make policy without short term political concerns.
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The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.
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It takes about two and a half percent growth just to keep unemployment stable.
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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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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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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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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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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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