Ben Bernanke Quotes
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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.
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In these circumstances, the FOMC judged that some further firming of monetary policy may be necessary, an assessment with which I concur.
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The Mexican debt crisis, Latin American debt crisis, the crises of the 1990s, the Wall Street stock market crash, and other events should have reminded us, and did remind us, that financial instability remains a concern, remains a problem.
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One would be forgiven for concluding that the assumed benefits of financial innovation are not all they were cracked up to be.
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The greatest single cause of the fiscal surplus of the 1990s was the stock market bubble, which led to an unsustainably high level of economic activity and tax revenues.
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The Fed is totally open.
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In a slow-growing world that is short on aggregate demand, Germany's trade surplus is a problem.
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Low and stable inflation in many countries is an important accomplishment that will continue to bring significant benefits.
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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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The decline in home equity makes it more difficult for struggling homeowners to refinance and reduces the financial incentive of stressed borrowers to remain in their homes.
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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 confident that we will meet whatever challenges the future may bring.
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A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street.
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I don't see much evidence of an equity bubble.
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As we look ahead, core inflation appears likely to remain in the zone of price stability during the remainder of 2004 and into 2005.
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The most recent evidence ... suggests that the economic expansion remains on track.
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The Federal Reserve cannot solve all the economy's problems on its own.
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Middle-income living standards, and poverty for that matter, are best addressed through employment growth. By maintaining low inflation and low expectations of inflation, you can create new employment.
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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.
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However, more recently, there have been signs of some easing of underwriting standards.
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In a mature economy like India's, which is becoming modern and a financially-oriented economy, an independent central bank, responsible central bank, is really central to success.
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To achieve a more balanced international system over time, countries with excessive and unsustainable trade surpluses will need to allow their exchange rates to better reflect market fundamentals.
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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.
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The Federal Reserve Act requires the Federal Reserve to report annually on its operations and to publish its balance sheet weekly.