The Federal Reserve is not currently forecasting a recession.
BEN BERNANKEI don’t fully understand movements in the gold price.
More Ben Bernanke Quotes
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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.
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The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
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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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…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 central bank needs to be able to make policy without short term political concerns.
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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 financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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The GSEs are adequately capitalized. They are in no danger of failing.
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Not all information is beneficial.
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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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If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy’s greatest contribution to general economic prosperity and maximum employment.
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I don’t fully understand movements in the gold price.
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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 risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.
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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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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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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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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 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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I’d throw dollars out of helicopters if I had to, to stimulate the economy.
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I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.
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If you are not happy with yourself, even the loftiest achievements won’t bring you much satisfaction.
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I am very proud of my nerd-dom.
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If Wall Street crashes, does Main Street follow? Not necessarily.
BEN BERNANKE