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68 Ben Bernanke Quotes on Economics & Crisis (GFC)

Top 10 Most Famous Ben Bernanke Quotes (BEST)

“If current trends continue, the typical U.S. worker will be considerably more productive several decades from now. Thus, one might argue that letting future generations bear the burden of population aging is appropriate, as they will likely be richer than we are even taking that burden into account.”

Ben Bernanke
Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn't dirty, you haven't been in the game.
Nobody likes to fail but failure is an essential part of life and of learning. If your uniform isn’t dirty, you haven’t been in the game.
I'd throw dollars out of helicopters if I had to, to stimulate the economy.
I’d throw dollars out of helicopters if I had to, to stimulate the economy.
The U.S. government has a technology, called a printing press, that allows it to produce as many U.S. dollars as it wishes at essentially no cost.
The U.S. government has a technology, called a printing press, that allows it to produce as many U.S. dollars as it wishes at essentially no cost.
History has demonstrated time and again the inherent resilience and recuperative powers of the American economy.
History has demonstrated time and again the inherent resilience and recuperative powers of the American economy.
Economics is a very difficult subject. I've compared it to trying to learn how to repair a car when the engine is running.
Economics is a very difficult subject. I’ve compared it to trying to learn how to repair a car when the engine is running.
If two people always agree, one of them is redundant.
If two people always agree, one of them is redundant.
The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.
The ultimate purpose of economics, of course, is to understand and promote the enhancement of well-being.
In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.
In many spheres of human endeavor, from science to business to education to economic policy, good decisions depend on good measurement.
It is not the responsibility of the Federal Bank - nor would it be appropriate - to protect lenders and investors from the consequences of their decisions.
It is not the responsibility of the Federal Bank – nor would it be appropriate – to protect lenders and investors from the consequences of their decisions.

3 Wise Quotes by Ben Bernanke

“Evolutionary psychologists suggest that humans experienced evolutionary benefits from brain developments that included aversion to loss and risk and from instincts for cooperation that helped strengthen communities.”

Ben Bernanke
If you take a candy bar in the short run, it gives you a burst of energy, but after a while, it just makes you fat.
If you take a candy bar in the short run, it gives you a burst of energy, but after a while, it just makes you fat.
As an educator myself, I understand the profound effect that good teachers and a quality education have on the lives of our young people.
As an educator myself, I understand the profound effect that good teachers and a quality education have on the lives of our young people.

8 Ben Bernanke Quotes on Economics

“Deflation can be particularly dangerous when a financial system is shaky, with household and corporate balance sheets in poor shape and banks undercapitalized and heavily burdened with bad loans.”

Ben Bernanke
I got into economics because I wanted to make things better for the average person.
I got into economics because I wanted to make things better for the average person.
Building a rainy-day fund during good times may not be politically popular, but it can pay off during the bad times.
Building a rainy-day fund during good times may not be politically popular, but it can pay off during the bad times.
Only a strong economy can create higher asset values and sustainably good returns for savers.
Only a strong economy can create higher asset values and sustainably good returns for savers.

“Economists are criticized for not being able to predict the future, but, because the data are incomplete and subject to revision, we cannot even be sure what happened in the recent past. Noisy data make effective policymaking all the more difficult.”

Ben Bernanke
No economy can succeed without a high-quality workforce, particularly in an age of globalization and technical change.
No economy can succeed without a high-quality workforce, particularly in an age of globalization and technical change.
Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.
Our financial system is so complicated and so interactive – so many different markets in different countries and so many sets of rules.
Preventing liquidation of an unbalanced market will leave you in tears.
Preventing liquidation of an unbalanced market will leave you in tears.

4 Ben Bernanke Quotes on Inflation

Low and stable inflation in many countries is an important accomplishment that will continue to bring significant benefits.
Low and stable inflation in many countries is an important accomplishment that will continue to bring significant benefits.
Although low inflation is generally good, inflation that is too low can pose risks to the economy - especially when the economy is struggling.
Although low inflation is generally good, inflation that is too low can pose risks to the economy – especially when the economy is struggling.
Since World War II, inflation - the apparently inexorable rise in the prices of goods and services - has been the bane of central bankers.
Since World War II, inflation – the apparently inexorable rise in the prices of goods and services – has been the bane of central bankers.
The money supply is not changing in any significant way. What we’re doing is lowering interest rates by buying Treasury securities.
The money supply is not changing in any significant way. What we’re doing is lowering interest rates by buying Treasury securities.

5 Ben Bernanke Quotes Before the Global Financial Crisis of 2007/08

“We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.”

Ben Bernanke
The Federal Reserve is not currently forecasting a recession.
The Federal Reserve is not currently forecasting a recession.

“House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.”

Ben Bernanke
Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.
Housing markets are cooling a bit. Our expectation is that the decline in activity or the slowing in activity will be moderate, that house prices will probably continue to rise.
They (Fannie Mae and Freddie Mac) will make it through the storm. (Two months later, they collapsed)
They (Fannie Mae and Freddie Mac) will make it through the storm. (Two months later, they collapsed)

8 Ben Bernanke Quotes on the GFC of 2007/08

“The failure of Lehman Brothers demonstrated that liquidity provision by the Federal Reserve would not be sufficient to stop the crisis; substantial fiscal resources were necessary.”

Ben Bernanke
How much would you pay to avoid a second Depression
How much would you pay to avoid a second Depression?
My interest is solely for the strength and recovery of the U.S. economy.
My interest is solely for the strength and recovery of the U.S. economy.
You want to put the fire out first and then worry about the fire code.
You want to put the fire out first and then worry about the fire code.
One myth that’s out there is that what we’re doing is printing money. We’re not printing money.
One myth that’s out there is that what we’re doing is printing money. We’re not printing money.
I wish I'd been omniscient and seen the crisis coming.
I wish I’d been omniscient and seen the crisis coming.
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.

“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.”

Ben Bernanke

4 Ben Bernanke Quotes on the Great Depression of 1929

“Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.”

Ben Bernanke
After the 1929 crash, the Federal Reserve mistakenly focused its policies on preserving the gold value of the dollar rather than on stabilizing the domestic economy.
After the 1929 crash, the Federal Reserve mistakenly focused its policies on preserving the gold value of the dollar rather than on stabilizing the domestic economy.

“I had become a Great Depression buff in the way that other people are Civil War buffs, reading not only about the economics of the period but about the politics, sociology, and history as well.”

Ben Bernanke
People saw the Depression as a necessary thing - a chance to squeeze out the excesses, get back to Puritan morality. That just made things worse.
People saw the Depression as a necessary thing – a chance to squeeze out the excesses, get back to Puritan morality. That just made things worse.

5 Ben Bernanke Quotes on Knowledge

“The best solution to income inequality is providing a high-quality education for everybody. In our highly technological, globalized economy, people without education will not be able to improve their economic situation.”

Ben Bernanke
If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.
Economics has many substantive areas of knowledge where there is agreement but also contains areas of controversy. That's inescapable.
Economics has many substantive areas of knowledge where there is agreement but also contains areas of controversy. That’s inescapable.
Not all information is beneficial.
Not all information is beneficial.
The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

4 Ben Bernanke Quotes on the Federal Reserve

“When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve… mustered the moral courage to do what was necessary.”

Ben Bernanke
It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
It’s true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
The Federal Reserve cannot solve all the economy's problems on its own.
The Federal Reserve cannot solve all the economy’s problems on its own.
The Federal Reserve has never suffered any losses in the course of its normal lending to banks and, now, to primary dealers.
The Federal Reserve has never suffered any losses in the course of its normal lending to banks and, now, to primary dealers.

3 Ben Bernanke Quotes on Central Bank

History proves… that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
History proves… that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.
At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.
The central bank needs to be able to make policy without short term political concerns.
The central bank needs to be able to make policy without short term political concerns.

7 Ben Bernanke Quotes that Will Make You Think

“If Australia finds it has a strong Australian dollar, and it has higher unemployment, then it would have to respond, and that would either be by increasing domestic demand or by weakening its own currency.”

Ben Bernanke
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.
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.
Aggregate statistics can sometimes mask important information.
Aggregate statistics can sometimes mask important information.
Income inequality is troubling because, among other things, it means that many people in our society don't have the opportunities to advance themselves.
Income inequality is troubling because, among other things, it means that many people in our society don’t have the opportunities to advance themselves.
In fact, the world needs more nerds.
In fact, the world needs more nerds.
The American people are among the most productive in the world. We have the best technologies. We have great universities. We have entrepreneurs.
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 think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.
I don’t think that Chinese ownership of U.S. assets is so large as to put our country at risk economically.

3 Ben Bernanke Quotes on Risk

“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.”

Ben Bernanke
In the future, financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking.
In the future, financial firms of any type whose failure would pose a systemic risk must accept especially close regulatory scrutiny of their risk-taking.
Uncertainty is seen to retard investment independently of considerations of risk or expected return.
Uncertainty is seen to retard investment independently of considerations of risk or expected return.

4 Ben Bernanke Quotes on the Monetary Policy

Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.
Monetary policy cannot do much about long-run growth, all we can try to do is to try to smooth out periods where the economy is depressed because of lack of demand.
Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.
Monetary policy is a blunt tool which certainly affects the distribution of income and wealth, although whether the net effect is to increase or reduce inequality is not clear.
Monetary policy is not a panacea.
Monetary policy is not a panacea.
There are limits to monetary policy.
There are limits to monetary policy.

(MUST READ) The Courage to Act: A Memoir of a Crisis and Its Aftermath

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