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Ben Bernanke Quotes

American - Public | December 13, 1953 -

All the Federal Reserve can do is make loans against collateral.

Federal Reserve Against Make Reserve

The banks have accounts with the Fed, much the same way that you have an account in a commercial bank.

You Way Bank Same Commercial Much

I came home from school one day, and there was a phone call for me. And I picked up the phone. They said, 'This is the Harvard Admissions Department. We'd like to let you know that you're accepted in the freshman class.' And I said, 'Come on, who is this really?'

Home Day School Me You Phone Call

The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.

Stress Beginning Financial End Fall

There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much.

Work Effort Financial Possible Try

In the past, Federal Reserve chairmen have not generally gone directly to the public.

Past Federal Reserve In The Past Gone

I have spoken about deficits, and I think deficits are important because they address broad economic and financial stability. We need to talk about that.

Think Financial Important Talk Need

My proposal that Fed governors should signal their commitment to public service by wearing Hawaiian shirts and Bermuda shorts has so far gone unheeded.

Service Commitment Public Service Far

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.

Relationship Saying Financial Problem

Aggregate statistics can sometimes mask important information.

Mask Information Statistics Sometimes

We should see better and more direct measurements of economic well being.

Better More See Being Economic Well

As you know, in the latter part of 2008 and early 2009, the Federal Reserve took extraordinary steps to provide liquidity and support credit market functioning, including the establishment of a number of emergency lending facilities and the creation or extension of currency swap agreements with 14 central banks around the world.

Support World Credit You Early Know

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