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.
BEN BERNANKEAchieving 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.
More Ben Bernanke Quotes
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I don’t fully understand movements in the gold price.
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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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[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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If your uniform isn’t dirty, you haven’t been in the game.
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Developments in financial markets can have broad economic effects felt by many outside the markets.
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It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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The amount of currency in circulation is not changing. The money supply is not changing in any significant way.
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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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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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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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The GSEs are adequately capitalized. They are in no danger of failing.
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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 Federal Reserve will not monetize the debt.
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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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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.
BEN BERNANKE