Ben Bernanke Quotes
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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.
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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.
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The U.S. economy is in the midst of a strong and sustainable economic expansion.
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Interest rates are used to achieve overall economic stability.
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It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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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.
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Consumers going through foreclosure typically will see their credit scores drop, raising longer-term questions about their ability to rebound financially and perhaps pursue a more sustainable home purchase at some later point.
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I served seven years as the chair of the Princeton economics department where I had responsibility for major policy decisions, such as whether to serve bagels or doughnuts at the department coffee hour.
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Banks need to continue to lend to creditworthy borrowers to earn a profit and remain strong.
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The policies and policy strategies established during the Greenspan years.
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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.
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According to government ethics rules and FOMC rules, it is permissible for a retired governor to speak in public about the economy, so long as he or she does not divulge confidential information. I have no indication that he has violated that rule.
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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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All the Federal Reserve can do is make loans against collateral.
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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.
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Over the past decade a combination of diverse forces has created a significant increase in the global supply of saving -- a global saving glut.
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Low marginal tax rates are supportive of economic growth. I would submit that we would want to look very hard at government spending - make sure it's controlled - before we raise taxes, which, in turn, would have negative impacts on the economy.
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Certainly, 9 percent unemployment and very slow growth is not a good situation.
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Under a cold turkey strategy, at each policy meeting the Federal Open Market Committee would make its best guess about where it ultimately wants the funds rate to be and would move to that rate in a single step.
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In the typical economic recovery, a resurgent housing sector helps fuel reemployment and rising incomes.
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I think at this point in time that the inverted yield curve is not signaling a slowdown.
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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.
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Certainly there is no way to direct the effects of monetary policy at a single class of assets while leaving other financial markets and the broader economy untouched. One might as well try to perform brain surgery with a sledgehammer.
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Doing this well requires a deep knowledge of the data mixed with a goodly dose of economic theory and economic judgment, ... Greenspan is, of course, a master.