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- Nov 07, 2020
Ben Bernanke Quotes
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- Last Updated on May 30, 2021
- Me
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- Nov 07, 2020
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.
- Go
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- Nov 07, 2020
Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
- Open
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- Nov 07, 2020
The Fed is totally open.
- Optimism
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- Nov 07, 2020
Well, optimism's a good thing. It - makes people go out and - you know, start businesses and spend and do whatever is necessary to get the economy going.
- Growth
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- Nov 07, 2020
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.
- Business
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- Nov 07, 2020
The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions.
- Panacea
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- Nov 07, 2020
Monetary policy is not a panacea.
- Goals
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- Nov 07, 2020
Indeed, in general, healthy investment returns cannot be sustained in a weak economy, and of course it is difficult to save for retirement or other goals without the income from a job.
- Monetary Policy
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- Nov 07, 2020
There are limits to monetary policy.
- Federal Reserve
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- Nov 07, 2020
If the fiscal cliff occurs, I don't think the Federal Reserve has the tools to offset that event.
- Nov 07, 2020
If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.
- Face
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- Nov 07, 2020
Honest error in the face of complex and possibly intractable problems is a far more important source of bad results than are bad motives.
- Beauty
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- Nov 07, 2020
Remember that physical beauty is evolution's way of assuring us that the other person doesn't have too many intestinal parasites.
- More
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- Nov 07, 2020
I think most of us would agree that people who have, say, little formal schooling but labor honestly and diligently to help feed, clothe, and educate their families are deserving of greater respect - and help, if necessary - than many people who are superficially more successful.
- Economics
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- Nov 07, 2020
Economics has many substantive areas of knowledge where there is agreement, but also contains areas of controversy. That's inescapable.
- Car
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- Nov 07, 2020
If you're in a car crash, you're mostly involved in trying to not go off the bridge, and later on you say, 'Oh my God!'
- People
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- Nov 07, 2020
Income inequality is troubling because, among other things, it means that many people in our society don't have the opportunities to advance themselves.
- Best
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- Nov 07, 2020
The best solution to income inequality is providing a high-quality education for everybody. In our highly technological, globalized economy, people without education will not be able to improve their economic situation.
- Economy
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- Nov 07, 2020
China is growing very quickly and is clearly becoming an important player in the world economy.
- Good
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- Nov 07, 2020
Banks will have to win the confidence of their customers through fair dealing, making good loans, and remaining financially healthy.
- Fed
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- Nov 07, 2020
The Fed's independence is critical.
- Confidence
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- Nov 07, 2020
Long term, I have a lot of confidence in the United States. We have an excellent record in terms of innovation. We have great universities that are involved in technological change and progress. We have an entrepreneurial culture, much more than almost any other country.
- May
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- Nov 07, 2020
To the extent that bank panics interfere with normal flows of credit, they may affect the performance of the real economy.
- Nov 07, 2020
Actually, I'm a Republican.
- Problem
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- Nov 07, 2020
In a slow-growing world that is short on aggregate demand, Germany's trade surplus is a problem.
- Fat
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- Nov 07, 2020
If you take a candy bar in the short run, it gives you a burst of energy, but after a while, it just makes you fat.
- Hurts
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- Nov 07, 2020
A little humility never hurts.
- Bank
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- Nov 07, 2020
The banks have accounts with the Fed, much the same way that you have an account in a commercial bank.
- Home
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- Nov 07, 2020
I came home from school one day, and there was a phone call for me. And I picked up the phone. They said, 'This is the Harvard Admissions Department. We'd like to let you know that you're accepted in the freshman class.' And I said, 'Come on, who is this really?'
- Economics
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- Nov 07, 2020
I got into economics because I wanted to make things better for the average person.
- Financial
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- Nov 07, 2020
I was a professor at Princeton University. And, in that capacity, I studied for many years the role of financial crisis in the economy.
- End
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- Nov 07, 2020
The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.
- Billions Of Dollars
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- Nov 07, 2020
In September 2008, the two largest housing mortgage companies called Fannie Mae and Freddie Mac, which were government-sponsored enterprises, which hold hundreds of billions of dollars of mortgages, because of the losses they took on the mortgages, they essentially became insolvent, and the government had to take them over.
- Possible
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- Nov 07, 2020
There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much.
- Gone
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- Nov 07, 2020
In the past, Federal Reserve chairmen have not generally gone directly to the public.
- Need
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- Nov 07, 2020
I have spoken about deficits, and I think deficits are important because they address broad economic and financial stability. We need to talk about that.
- Purpose
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- Nov 07, 2020
The biggest downside of my current job is that I have to wear a suit to work. Wearing uncomfortable clothes on purpose is an example of what former Princeton hockey player and Nobel Prize winner Michael Spence taught economists to call 'signaling.'
- Far
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- Nov 07, 2020
My proposal that Fed governors should signal their commitment to public service by wearing Hawaiian shirts and Bermuda shorts has so far gone unheeded.
- Crisis
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- Nov 07, 2020
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.
- Economics
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- Nov 07, 2020
Textbooks describe economics as the study of the allocation of scarce resources. That definition may be the 'what,' but it certainly is not the 'why.'
- Know
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- Nov 07, 2020
As you know, in the latter part of 2008 and early 2009, the Federal Reserve took extraordinary steps to provide liquidity and support credit market functioning, including the establishment of a number of emergency lending facilities and the creation or extension of currency swap agreements with 14 central banks around the world.
- Imperfect
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- Nov 07, 2020
Imperfect substitutability of assets implies that changes in the supplies of various assets available to private investors may affect the prices and yields of those assets.
- Call
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- Nov 07, 2020
Clear communication is always important in central banking, but it can be especially important when economic conditions call for further policy stimulus but the policy rate is already at its effective lower bound.
- Good
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- Nov 07, 2020
As an educator myself, I understand the profound effect that good teachers and a quality education have on the lives of our young people.
- Financial
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- Nov 07, 2020
Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education.
- Own
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- Nov 07, 2020
If Australia finds it has a strong Australian dollar, and it has higher unemployment, then it would have to respond, and that would either be by increasing domestic demand or by weakening its own currency.
- Financial
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- Nov 07, 2020
The Libor system is structurally flawed. It is a major problem for our financial system and for the confidence in the financial system. We need to address it.
- Benefits
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- Nov 07, 2020
One would be forgiven for concluding that the assumed benefits of financial innovation are not all they were cracked up to be.
- Future
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- Nov 07, 2020
The Fed needs an approach that consolidates the gains of the Greenspan years and ensures that those successful policies will continue - even if future Fed chairmen are less skillful or less committed to price stability than Mr. Greenspan has been.
- Fragility
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- Nov 07, 2020
Given the extent of the exposures of major banks around the world to A.I.G., and in light of the extreme fragility of the system, there was a significant risk that A.I.G.'s failure could have sparked a global banking panic.
- Insurance
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- Nov 07, 2020
A.I.G. was even larger than Lehman, with a substantial presence in derivatives and debt markets, as well as in insurance markets.
- Nov 07, 2020
A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street.
- Focused
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- Nov 07, 2020
After the 1929 crash, the Federal Reserve mistakenly focused its policies on preserving the gold value of the dollar rather than on stabilizing the domestic economy.
- Downturn
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- Nov 07, 2020
The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.
- Important
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- Nov 07, 2020
Low and stable inflation in many countries is an important accomplishment that will continue to bring significant benefits.
- Long
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- Nov 07, 2020
After a long period in which the desired direction for inflation was always downward, the industrialized world's central banks must today try to avoid major changes in the inflation rate in either direction.
- Balance
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- Nov 07, 2020
Deflation can be particularly dangerous when a financial system is shaky, with household and corporate balance sheets in poor shape and banks undercapitalized and heavily burdened with bad loans.
- Creditors
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- Nov 07, 2020
No one will lend at a negative interest rate; potential creditors will simply choose to hold cash, which pays zero nominal interest.
- Know
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- Nov 07, 2020
I don't know why there aren't more Depression buffs.
- Money
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- Nov 07, 2020
The Depression was an incredibly dramatic episode - an era of stock-market crashes, breadlines, bank runs and wild currency speculation, with the storm clouds of war gathering ominously in the background... For my money, few periods are so replete with human interest.
- Depression
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- Nov 07, 2020
People saw the Depression as a necessary thing - a chance to squeeze out the excesses, get back to Puritan morality. That just made things worse.
- Obviously
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- Nov 07, 2020
Obviously, I haven't succeeded in defusing the political concerns about the Fed.
- Different Countries
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- Nov 07, 2020
Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.
- Money
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- Nov 07, 2020
The world has a great deal more to offer than money.
- Identity
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- Nov 07, 2020
Identity theft is a serious crime that affects millions of Americans each year.
- Course
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- Nov 07, 2020
Chairman Greenspan is, of course, a master.
- Financial
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- Nov 07, 2020
I would argue that no financial instrument counted as regulatory capital should be allowed to receive any protection from losses.
- Lost
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- Nov 07, 2020
In all likelihood, a significant amount of time will be required to restore the nearly eight and a half million jobs that were lost nationwide over 2008 and 2009.
- History
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- Nov 07, 2020
History has demonstrated time and again the inherent resilience and recuperative powers of the American economy.
- February
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- Nov 07, 2020
Fostering transparency and accountability at the Federal Reserve was one of my principal objectives when I became Chairman in February 2006.
- Being
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- Nov 07, 2020
The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.
- Central Bank
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- Nov 07, 2020
At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.
- Debt
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- Nov 07, 2020
Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.
- Long
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- Nov 07, 2020
Most of the policies that support robust economic growth in the long run are outside the province of the central bank.
- People
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- Nov 07, 2020
If two people always agree, one of them is redundant.
- Forecasts
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- Nov 07, 2020
Of course, economic forecasts must be revised when new information arrives and are thus necessarily provisional.
- Moral
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- Nov 07, 2020
As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.
- Long
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- Nov 07, 2020
The actions taken by central banks and other authorities to stabilize a panic in the short run can work against stability in the long run if investors and firms infer from those actions that they will never bear the full consequences of excessive risk-taking.
- Discipline
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- Nov 07, 2020
Market discipline can only limit moral hazard to the extent that debt and equity holders believe that, in the event of distress, they will bear costs.
- Education
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- Nov 07, 2020
In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.
- Economists
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- Nov 07, 2020
Evolving technologies that allow economists to gather new types of data and to manipulate millions of data points are just one factor among several that are likely to transform the field in coming years.
- Economic
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- Nov 07, 2020
In the tradition of national income accounting, economic policymakers have typically focused on variables such as income, wealth, and consumption.
- Cooperation
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- Nov 07, 2020
Evolutionary psychologists suggest that humans experienced evolutionary benefits from brain developments that included aversion to loss and risk and from instincts for cooperation that helped strengthen communities.
- Financial
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- Nov 07, 2020
History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
- Interest
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- Nov 07, 2020
There will not be an automatic increase in interest rate when unemployment hits 6.5%.
- Never
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- Nov 07, 2020
The Federal Reserve has never suffered any losses in the course of its normal lending to banks and, now, to primary dealers.
- Balance
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- Nov 07, 2020
To minimize market uncertainty and achieve the maximum effect of its policies, the Federal Reserve is committed to providing the public as much information as possible about the uses of its balance sheet, plans regarding future uses of its balance sheet, and the criteria on which the relevant decisions are based.
- Financial
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- Nov 07, 2020
The public in many countries is understandably concerned by the commitment of substantial government resources to aid the financial industry when other industries receive little or no assistance. This disparate treatment, unappealing as it is, appears unavoidable.
- Failure
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- Nov 07, 2020
In the future, financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking.
- Event
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- Nov 07, 2020
The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes.
- Government
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- Nov 07, 2020