The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
BEN BERNANKEWhile rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
More Ben Bernanke Quotes
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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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Not all information is beneficial.
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In fact, the world needs more nerds.
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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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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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A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.
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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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If Wall Street crashes, does Main Street follow? Not necessarily.
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How much would you pay to avoid a second Depression?
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[Virtual Currencies] may hold long-term promise, particularly if the innovations Promote a faster, more secure and more efficient payment system.
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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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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.
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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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It takes about two and a half percent growth just to keep unemployment stable.
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The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
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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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I’d throw dollars out of helicopters if I had to, to stimulate the economy.
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I am confident that we will meet whatever challenges the future may bring.
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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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The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
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I come from Main Street, from a small town that’s really depressed.
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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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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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…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 Fed is totally open.
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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.
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