Developments in financial markets can have broad economic effects felt by many outside the markets.
BEN BERNANKEThe people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
More Ben Bernanke Quotes
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The Fed is totally open.
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If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy’s greatest contribution to general economic prosperity and maximum employment.
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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.
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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 Federal Reserve is not currently forecasting a recession.
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The central bank needs to be able to make policy without short term political concerns.
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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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If your uniform isn’t dirty, you haven’t been in the game.
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One might as well try to perform brain surgery with a sledgehammer.
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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 people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
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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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A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
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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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If you are asking me if I would advocate that the Chinese go to greater flexibility in their exchange rate, I certainly would.
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