I come from Main Street, from a small town that’s really depressed.
BEN BERNANKENobody really understands gold prices and I don’t pretend to understand them either.
More Ben Bernanke Quotes
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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 economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
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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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Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
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September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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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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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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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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I don’t see much evidence of an equity bubble.
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So it’s important, as it affects overall levels of production and employment in the U.S. There are many domestic industries doing well in the United States, notwithstanding a strong dollar.
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The Fed is totally open.
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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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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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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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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One might as well try to perform brain surgery with a sledgehammer.
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Life is amazingly unpredictable; any 22-year-old who thinks they know where they will be in 10 years, much less in 30, is simply lacking imagination.
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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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The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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If your uniform isn’t dirty, you haven’t been in the game.
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I am very proud of my nerd-dom.
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I am confident that we will meet whatever challenges the future may bring.
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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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[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 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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Although low inflation is generally good, inflation that is too low can pose risks to the economy – especially when the economy is struggling.
BEN BERNANKE