Weโve 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 donโt think itโs going to drive the economy too far from its full employment path, though.
Ben BernankeIf you are not happy with yourself, even the loftiest achievements won't bring you much satisfaction.
Ben BernankeMonetary 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
Ben BernankeThe sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand.. a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers.
Ben Bernanke