Ben Bernanke Quotes
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Long-term unemployment is particularly costly to those directly affected, of course. But in addition, because of its negative effects on workers' skills and attachment to the labor force, long-term unemployment may ultimately reduce the productive capacity of our economy.
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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.
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The credibility has begun to inure in the institution. Keeping inflation low and stable is an important precondition for a healthy and sustained economic growth.
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If two people always agree, one of them is redundant.
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Because a person has to be either working or looking for work to be counted as part of the labor force, an increase in the number of people too discouraged to continue their search for work would reduce the unemployment rate, all else being equal - but not for a positive reason.
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I would argue that no financial instrument counted as regulatory capital should be allowed to receive any protection from losses.
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I don't see any significant risk of a recession.
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To be sure, faster growth in nominal labor compensation does not necessarily portend higher inflation.
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How much would you pay to avoid a second Depression?
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Many savers are also homeowners; indeed, a family's home may be its most important financial asset. Many savers are working, or would like to be.
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September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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The role of liquidity in systemic events provides yet another reason why, in the future, a more system wide or macroprudential approach to regulation is needed.
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I do not subscribe to any rigid and mechanical rule ... I intend to be flexible and to learn from experience.
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Inflation is not even a remote risk in the U.S.. Because inflation is so low, monetary policy can afford to be patient to be sure that the recovery is sustained.
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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.
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In the absence of a shift in market perceptions of the relative attractiveness of U.S. and foreign assets, government policies would likely have only limited effects on the trade balance.
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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.
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To return to levels consistent with price stability in coming quarters.
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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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The Federal Reserve has never suffered any losses in the course of its normal lending to banks and, now, to primary dealers.
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Preventing liquidation of an unbalanced market will leave you in tears.
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A forecast about the future evolution of policy, not an unconditional commitment.
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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.
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Roger made invaluable contributions to the Federal Reserve and to the country.