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 going to drive the economy too far from its full employment path, though.
Ben BernankeEconomics 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.
Ben BernankeIt's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.
Ben BernankeA money-financed tax cut is essentially equivalent to Milton Friedman's famous 'helicopter drop' of money.
Ben BernankeA 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.
Ben Bernanke