While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
BEN BERNANKEI don’t fully understand movements in the gold price.
More Ben Bernanke Quotes
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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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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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Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn’t dirty, you haven’t been in the game.
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The Fed is totally open.
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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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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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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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Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
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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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One might as well try to perform brain surgery with a sledgehammer.
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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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I am very proud of my nerd-dom.
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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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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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I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.
BEN BERNANKE