Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
BEN BERNANKE…the Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals
More Ben Bernanke Quotes
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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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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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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow.
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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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The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
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If your uniform isn’t dirty, you haven’t been in the game.
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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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It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.
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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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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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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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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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We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
BEN BERNANKE