Quotes from Ben S. Bernanke

Whenever rules or guidance threatened the interests of favored groups, political pressure followed.

asking them to refrain from media interviews.

we didn't like to be dependent on Treasury's help in setting monetary policy.

I arrived in Washington as a quiet, reserved professor—with a research background that proved to be quite useful in the financial crisis.

pushing banks to limit their risks in this area. Though

and we considered them friends.

the investor would be on the hook for 10 percent of the loss.

But I quickly learned that, in both the public and private spheres, how you lead is as important as what you know.

arguing that its benefits usually outweigh the costs imposed on businesses and consumers.

Thousands of letters of protest poured in,

In my own speech the next morning, August 31, I had to walk a fine line.

the crisis management team kept in touch through conference calls and by email.

I emphasized that policy decisions should be based on open-minded discussion, not the views of only one individual.

Nevertheless, despite his presence, here too regulation and supervision fell short.

It is not the responsibility of the Federal Reserve—nor would it be appropriate—to protect lenders and investors from the consequences of their financial decisions.

But he accomplished what he set out to do, multiplying the firm's profits many times over.

I poured out my worry and frustration to Don and Tim in a long email.

leaving the buyers who had lent at longer maturities holding the bag.

Greenspan did not put a high priority on consumer protection.

Market reaction was positive but subdued. Many traders apparently had hoped for an explicit signal that rate cuts were imminent.

Part of this game is confidence, and looking clueless and uncertain doesn't help.

we were considering a wide range of views.

The belief that Jews have horns apparently derives from a mistranslation from Hebrew of a verse in Exodus, compounded by a Michelangelo sculpture that portrays Moses with horns.) As I grew older, I became aware that many of my peers, evangelical Christians, believed as a matter of doctrine—if

My assignment to the consumer committee reflected my lack of seniority, but I didn't object.