Ben Bernanke Quotes
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It takes about two and a half percent growth just to keep unemployment stable.
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Under constrained discretion, the central bank is free to do its best to stabilize output and employment in the face of short-run disturbances, with the appropriate caution born of our imperfect knowledge of the economy and of the effects of policy (this is the 'discretion' part of constrained discretion).
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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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These policies include making tax relief permanent, reducing the budget deficit by limiting spending, strengthening retirement and health security through efforts like Social Security reform ... and enhancing energy security.
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In the past, Federal Reserve chairmen have not generally gone directly to the public.
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There will not be an automatic increase in interest rate when unemployment hits 6.5%.
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The Federal Reserve is not currently forecasting a recession.
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Growth in U.S. real imports slowed to about 3 percent in 2006, in part reflecting a drop in real terms in imports of crude oil and petroleum products.
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I got into economics because I wanted to make things better for the average person.
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House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
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One may aspire to succeed Chairman Greenspan but it will not be possible to replace him.
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Certainly, 9 percent unemployment and very slow growth is not a good situation.
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Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.
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You want to put the fire out first and then worry about the fire code.
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Banks will have to win the confidence of their customers through fair dealing, making good loans, and remaining financially healthy.
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Equally important, stable prices allow people to rely on the dollar as a measure of value when making long-term contracts, engaging in long-term planning or lending for long periods.
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We benefit from foreign direct investment. Many Americans are employed by foreign companies with plants in the United States, for example in the automobile industry. So, trade is a two way street. I think, it is important to protect Americans who lose their jobs, or whose jobs come under pressure from international trade. But, I think, we need to be careful not to embrace economic isolationism.
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Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve System. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.
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Those high oil prices are a burden on U.S. families, on firms' production costs. But the good news is that at least so far the U.S. economy has not been slowed by the high energy prices.
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Many foreclosed homes are neglected or abandoned, as legal proceedings or other factors delay their resale. Deteriorating or vacant properties can, in turn, directly affect the quality of life in a neighborhood, for example, by leading to increases in vandalism or crime.
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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.
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A very important factor is the fact that inflation expectations are well-controlled and well-contained, which means that the Federal Reserve, unlike the 70s, doesn't have to react violently in terms of raising interest rates to contain the second- and third-round inflationary impacts. So I remain pretty optimistic about the economy.
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To be sure, the provision of liquidity alone can by no means solve the problems of credit risk and credit losses; but it can reduce liquidity premiums, help restore the confidence of investors, and thus promote stability.
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To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.