Ben Bernanke Quotes
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With such an uncertain outlook, the new statement must be flexible enough to leave officials with several options for future action.
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Among other objectives, liquidity guidelines must take into account the risks that inadequate liquidity planning by major financial firms pose for the broader financial system, and they must ensure that these firms do not become excessively reliant on liquidity support from the central bank.
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There will not be an automatic increase in interest rate when unemployment hits 6.5%.
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Only a strong economy can create higher asset values and sustainably good returns for savers.
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So far, the actual actions taken have been relatively modest, but there is some hope, I think, that, going forward, these actions will advance further and we will see more progress in the current account.
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My first priority will be to maintain continuing with the policy and policy strategies under the Greenspan era.
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Developments in financial markets can have broad economic effects felt by many outside the markets.
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Stronger regulation and supervision aimed at problems with underwriting practices and lenders' risk management would have been a more effective and surgical approach to constraining the housing bubble than a general increase in interest rates.
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Of course, a decision to take no action at a particular meeting does not preclude action at subsequent meetings.
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I personally would have preferred if the Fed had been a little less aggressive.
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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.
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Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.
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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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I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.
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If bankers become overly conservative in response to past lending mistakes - or if examiners force such behavior - it will hurt bankers' own long-term interests and the economy in general.
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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.
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Has set the standard for excellence in economic policy-making.
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I assure this committee that, if I am confirmed, I will be strictly independent of all political influences... essential to that institution's ability to function effectively and achieve its mandated objectives.
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The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
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The U.S. economy is in the midst of a strong and sustainable economic expansion.
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A.I.G. was even larger than Lehman, with a substantial presence in derivatives and debt markets, as well as in insurance markets.
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Neighborhoods and communities are complex organisms that will be resilient only if they are healthy along a number of interrelated dimensions, much as a human body cannot be healthy without adequate air, water, rest, and food.
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Our mission as set forth by the Congress is a critical one.
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I think one of the lessons of the Depression - and this is something that Franklin Roosevelt demonstrated - was that when orthodoxy fails, then you need to try new things. And he was very willing to try unorthodox approaches when the orthodox approach had shown that it was not adequate.