Quotes from Ben S. Bernanke

The leak annoyed but didn't surprise me; I had learned that's how Washington works.

Inflation prospects posed some tricky issues.

To me, the need for continuing with these purchases remained clear.

from my perspective they were looking at the problem the wrong way.

Low-quality mortgages ended up imperiling the entire financial system—not so much because of the direct losses on the mortgages themselves, which were significant but likely manageable, but because of the securitization boom, which carved those mortgages into securities that became a ubiquitous form of currency and collateral throughout the system.

I doubted that my words would have the weight of Greenspan's, and in any case it seemed to me that Congress is ruled first and foremost by interests and ideology, not by the advice of experts or supposed experts, including the chairman of the Fed.

because there is a lag between changes in monetary policy and their effect on the economy.

But lawmakers had avoided tackling those critical long-run issues in favor of near-term spending cuts and tax increases that weakened the already weak economy.

I expressed no preference for whether the stimulus should take the form of tax cuts, spending increases, or both.

We must take into account not only the current inflation rate but also the prospects for inflation a few quarters ahead, when the effects of policy decisions will actually be felt

setting aside the most volatile prices leads to better predictions of overall inflation.

First, I suggested, instead of continuing to hold out the vague promise about deflationary concerns subsiding,

We—correctly, in hindsight—had resisted raising interest rates.

Like my father, I grew distracted and unhappy when I could not usefully occupy my time.

But the vote didn't capture the extent of the concern and skepticism on the Committee.

This character trait ("flaw" is probably a better word) had caused some tension with Anna early in our marriage. But

Our lunch conversation turned quickly to the game

This character trait ("flaw" is probably a better word) had caused some tension with Anna early in our marriage. But we had struck a deal: I would work in the morning on weekends and holidays and in the afternoon and evening devote my full attention to family and recreation.

For me personally and for the entire Fed, Don's retirement was a great loss. He

He looked thin—after several heart surgeries,

But what if the economy stalled yet again, perhaps for reasons outside our control, such as fiscal stringency at home or a resurgence of the European crisis?

He too greeted me warmly and praised the Fed's response to the crisis.

and I often met with them jointly.

It was not a new argument, but Jeremy made it in more detail and in a particularly sophisticated way.