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 BERNANKESpeaking 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.
More Ben Bernanke Quotes
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I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.
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The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.
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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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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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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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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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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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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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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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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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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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I don’t see much evidence of an equity bubble.
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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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The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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How much would you pay to avoid a second Depression?
BEN BERNANKE