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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.

Ben Bernanke

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More quotes by Ben Bernanke

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.

One might as well try to perform brain surgery with a sledgehammer.

The American people are among the most productive in the world. We have the best technologies. We have - great universities. We have entrepreneurs.

I don't see much evidence of an equity bubble.

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 financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.

The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.

The more guidance a central bank can provide the public about how policy is likely to evolve the greater the chance that market participants will make appropriate inferences.

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 Federal Reserve will not monetize the debt.

In the future, my communications with the public and with the markets will be entirely through regular and formal channels.

A money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.

Nobody really understands gold prices and I don't pretend to understand them either.

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.

If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.

The Federal Reserve is not currently forecasting a recession.

We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.

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.

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.