History proves... that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse. Ben Bernanke More Quotes by Ben Bernanke More Quotes From Ben Bernanke 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 essentials games dirty 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. Ben Bernanke technology government wish The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained. Ben Bernanke impact financial problem If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression. Ben Bernanke want depression earthquakes The Federal Reserve is not currently forecasting a recession. Ben Bernanke forecasting federal-reserve recessions I'd throw dollars out of helicopters if I had to, to stimulate the economy. Ben Bernanke helicopters economy dollars 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. Ben Bernanke incentives safety use Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running. Ben Bernanke car running trying Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But 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. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services. Ben Bernanke technology government numbers 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. Ben Bernanke choices fields past Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933. Ben Bernanke great-depression financial results The Federal Reserve will not monetize the debt. Ben Bernanke reserves debt federal-reserve September and October of 2008 was the worst financial crisis in global history, including the Great Depression. Ben Bernanke september october financial 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 Ben Bernanke economics decision responsibility I don't see much evidence of an equity bubble. Ben Bernanke equity evidence bubbles The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again. Ben Bernanke expanding economy financial If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction. Ben Bernanke not-happy achievement satisfaction Nobody really understands gold prices and I don't pretend to understand them either. Ben Bernanke gold-price gold The central bank needs to be able to make policy without short term political concerns. Ben Bernanke able political needs 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. Ben Bernanke independent essentials political
