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A money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.
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
Taxes
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Cutting
Helicopter
Money
Helicopters
Milton
Equivalent
Essentially
Drop
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Friedman
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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 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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It's the price of success: people start to think you're omnipotent.
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Speaking as somebody who has been happily married for 35 years, I can't imagine any choice more consequential for a lifelong journey than the choice of a traveling companion.
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I don't see much evidence of an equity bubble.
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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.
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I don't think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.
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The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence and pressuring US financial markets and institutions.
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Nobody really understands gold prices and I don't pretend to understand them either.
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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.
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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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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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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 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.
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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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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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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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