The central bank needs to be able to make policy without short term political concerns.
BEN BERNANKEThe 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.
More Ben Bernanke Quotes
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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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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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I come from Main Street, from a small town that’s really depressed.
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It takes about two and a half percent growth just to keep unemployment stable.
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The Federal Reserve will not monetize the debt.
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I generally leave the details of fiscal programs to the Administration and Congress. That’s really their area of authority and responsibility, and I don’t think it’s appropriate for me to second guess.
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The GSEs are adequately capitalized. They are in no danger of failing.
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With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.
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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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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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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 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’s the price of success: people start to think you’re omnipotent.
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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 BERNANKE