If you want to understand geology, study earthquakes. If you want to understand the economy, study the Depression.

If your uniform isn't dirty, you haven't been in the game.

It must be awfully frustrating to get a small raise at work and then have it all eaten by a higher cost of commuting.

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.

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

Although low inflation is generally good, inflation that is too low can pose risks to the economy - especially when the economy is struggling.

The basic prescription for preventing deflation is therefore straightforward, at least in principle: Use monetary and fiscal policy as needed to support aggregate spending, in a manner as nearly consistent as possible with full utilization of economic resources and low and stable inflation. In other words, the best way to get out of trouble is not to get into it in the first place.