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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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Ben Bernanke
Age: 70
Born: 1953
Born: December 13
Banker
Economist
Politician
Professor
Teacher
Augusta
Georgia
Ben Shalom Bernanke
Benjamin Shalom Bernanke
System
Economic
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Sustained
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Recovery
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Financial
Crisis
Lessons
More quotes by Ben Bernanke
We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
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If you are asking me if I would advocate that the Chinese go to greater flexibility in their exchange rate, I certainly would.
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Life is amazingly unpredictable any 22-year-old who thinks they know where they will be in 10 years, much less in 30, is simply lacking imagination.
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It takes about two and a half percent growth just to keep unemployment stable.
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Nobody really understands gold prices and I don't pretend to understand them either.
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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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A gold standard doesn't imply stability in the prices of the goods and services that people buy every day, it implies a stability in the price of gold itself.
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Investment banks manage to go bankrupt through their investment-banking activities, commercial banks manage to go bankrupt through their commercial-banking activities.
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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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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 crisis and recession have led to very low interest rates, it is true, but these events have also destroyed jobs, hamstrung economic growth and led to sharp declines in the values of many homes and businesses.
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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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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.
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Indeed, in general, healthy investment returns cannot be sustained in a weak economy, and of course it is difficult to save for retirement or other goals without the income from a job.
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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.
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If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.
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A money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.
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Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.
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