The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment.

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.

How much would you pay to avoid a second Depression?

Over the years, the U.S. economy has shown a remarkable ability to absorb shocks of all kinds, to recover, and to continue to grow. Flexible and efficient markets for labor and capital, an entrepreneurial tradition, and a general willingness to tolerate and even embrace technological and economic change all contribute to this resiliency.

If you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.

One might as well try to perform brain surgery with a sledgehammer.