Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.— Ben Bernanke
The most skyrocket Ben Bernanke quotes that will add value to your life
It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.
The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
The U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost.
The sources of deflation are not a mystery.
Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.
A meritocracy is a system in which the people who are the luckiest in their health and genetic endowment; luckiest in terms of family support, encouragement and, probably, income; luckiest in their educational and career opportunities; and luckiest in so many other ways difficult to enumerate - these are the folks who reap the largest rewards.
If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.
Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand
If you want to understand geology, study earthquakes.
If you want to understand the economy, study the Depression.
Economics is a very difficult subject.
I've compared it to trying to learn how to repair a car when the engine is running.
Achieving price stability is not only important in itself, it is also central to attaining the Federal Reserve's other mandate objectives of maximum sustainable employment and moderate long-term interest rates.
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much.
With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly.
If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.
If your uniform isn't dirty, you haven't been in the game.
Nobody really understands gold prices and I don't pretend to understand them either.
The Federal Reserve is not currently forecasting a recession.
The Federal Reserve will not monetize the debt.
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
I think that having good data, good statistics-and the United States generally has better macroeconomic statistics than most countries-and having good economists to interpret those data and present the policy alternatives, has a substantially beneficial effect on policymaking in the United States.
Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.
The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
It's the price of success: people start to think you're omnipotent.
The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow.
If you are asking me if I would advocate that the Chinese go to greater flexibility in their exchange rate, I certainly would.
Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.
I'd throw dollars out of helicopters if I had to, to stimulate the economy.
While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.
A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases.
How much would you pay to avoid a second Depression?
It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions
September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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.
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.
Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
I generally leave the details of fiscal programs to the Administration and Congress. That's really their area of authority and responsibility, and I don't think it's appropriate for me to second guess.
The central bank needs to be able to make policy without short term political concerns.
Both humanity's capacity to innovate and the incentives to innovate are greater today than at any other time in history.
Given the central role of effective, firmwide risk management in maintaining strong financial institutions, it is clear that supervisors must redouble their efforts to help organizations improve their risk-management practices...We are also considering the need for additional or revised supervisory guidance regarding various aspects of risk management, including further emphasis on the need for an enterprise-wide perspective when assessing risk.
I don't see much evidence of an equity bubble.
It takes about two and a half percent growth just to keep unemployment stable.
I don't fully understand movements in the gold price.
I don't think that Chinese ownership of U.
S. assets is so large as to put our country at risk economically.
I am confident that we will meet whatever challenges the future may bring.
The GSEs are adequately capitalized. They are in no danger of failing.
The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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.
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.