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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.

Ben Bernanke

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Ben Bernanke
Age: 71
Born: 1953
Born: December 13
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Ben Shalom Bernanke
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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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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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If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
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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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The risk exists that, with aggregate demand exhibiting considerable momentum, output could overshoot its sustainable path, leading ultimately in the absence of countervailing monetary policy action to further upward pressure on inflation.
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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 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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Nobody really understands gold prices and I don't pretend to understand them either.
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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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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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In the future, my communications with the public and with the markets will be entirely through regular and formal channels.
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Among the largest banks, the capital ratios remain good and I don’t expect any serious problems . . . . among the large, internationally active banks that make up a very substantial part of our banking system.
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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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The Federal Reserve is not currently forecasting a recession.
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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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The Federal Reserve will not monetize the debt.
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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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It's the price of success: people start to think you're omnipotent.
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It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
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Every effort needs to be made to try and offset the costs of Katrina and Rita by reductions in other government programs, especially those that are wasteful, duplicative and ineffective.
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