In fact, the world needs more nerds.
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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Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
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Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.
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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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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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One might as well try to perform brain surgery with a sledgehammer.
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I generally leave the details of fiscal programs to the Administration and Congress. That’s really their area of authority and responsibility, and I don’t think it’s appropriate for me to second guess.
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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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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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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 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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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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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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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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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The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.
BEN BERNANKE