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.
BEN BERNANKEWeaker currencies abroad mean a strong dollar, and a stronger dollar, together with a weak global environment, is a drag on the U.S. econom.
More Ben Bernanke Quotes
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The Fed is totally open.
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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.
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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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If Wall Street crashes, does Main Street follow? Not necessarily.
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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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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.
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I’d throw dollars out of helicopters if I had to, to stimulate the economy.
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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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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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In fact, the world needs more nerds.
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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.
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Developments in financial markets can have broad economic effects felt by many outside the markets.
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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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Education – 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.
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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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The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
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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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One might as well try to perform brain surgery with a sledgehammer.
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The American people are among the most productive in the world. We have the best technologies. We have – great universities. We have entrepreneurs.
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It’s the price of success: people start to think you’re omnipotent.
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If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.
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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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Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
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Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
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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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The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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