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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.
Ben Bernanke
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Ben Bernanke
Age: 71
Born: 1953
Born: December 13
Banker
Economist
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Professor
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Augusta
Georgia
Ben Shalom Bernanke
Benjamin Shalom Bernanke
Wrong
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The economist John Maynard Keynes said that in the long run, we are all dead. If he were around today he might say that, in the long run, we are all on Social Security and Medicare.
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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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Education - lifelong education for everyone - from toddlers to workers well advanced in their careers - is indeed an excellent investment for individuals and society as a whole.
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The American people are among the most productive in the world. We have the best technologies. We have - great universities. We have entrepreneurs.
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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.
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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.
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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.
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I am very proud of my nerd-dom.
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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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September and October of 2008 was the worst financial crisis in global history, including the Great Depression.
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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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The financial crisis appears to be mostly behind us, and the economy seems to have stabilized and is expanding again.
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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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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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The benefit of appointing a hawkish central banker is the increased inflation-fighting credibility that such an appointment brings.
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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.
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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.
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The Federal Reserve is not currently forecasting a recession.
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I don't see much evidence of an equity bubble.
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It's the price of success: people start to think you're omnipotent.
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