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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.

Ben Bernanke

If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
BEN BERNANKE

Depression Earthquake Want
The amount of currency in circulation is not changing. The money supply is not changing in any significant way.
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Currency Significant Way
It takes about two and a half percent growth just to keep unemployment stable.
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Growth Two Unemployment
I assure this committee that, if I am confirmed, I will be strictly independent of all political influences… essential to that institution’s ability to function effectively and achieve its mandated objectives.
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Essentials Independent Political
The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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Bankers Benefit Fighting
[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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Innovation Long Promise
The GSEs are adequately capitalized. They are in no danger of failing.
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Capitalized Danger Failing
I am confident that we will meet whatever challenges the future may bring.
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Challenges Confident May Meet
How much would you pay to avoid a second Depression?
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Borrow Depression Great Pay
The Federal Reserve will not monetize the debt.
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Debt Federal Reserve Reserves
The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
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Adversity People Use
Not all information is beneficial.
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Beneficial Information
In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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Communication Formal
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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Issues Perspective Running
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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Economy Risk Struggle
Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve’s other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
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Employment Important Long
While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
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Delinquency Rising Years
The central bank needs to be able to make policy without short term political concerns.
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Able Needs Political
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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Best Economic Inflation Resources Way
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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Depression Financial Great Result
I’d throw dollars out of helicopters if I had to, to stimulate the economy.
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Dollars Economy Helicopters
If Wall Street crashes, does Main Street follow? Not necessarily.
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Crash Doe Wall
House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
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Fundamental Past Strong Years
The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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Economy Expanding Financial
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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Bankers Crash Economics
A money-financed tax cut is essentially equivalent to Milton Friedman’s famous ‘helicopter drop’ of money.
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Cutting Helicopters Milton
I don’t see much evidence of an equity bubble.
BEN BERNANKE

Bubbles Equity Evidence

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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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.

Related Topics

Popular Authors

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