Quotes About Policy

Congress opted for budget cuts and tax increases.

In retrospect I wonder whether I should have insisted earlier and more vigorously on persuading Congress to accept capital injections.

Guidance has less legal force than regulations,

It's not obvious, therefore, what officially declaring China to be a manipulator would accomplish.

The Treasury helped us solve this dilemma to some extent, by raising money in debt markets

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

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

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

Greenspan did not put a high priority on consumer protection.

Philosophically, I did not view myself as either strongly pro- or anti-regulation.

I had found it difficult to choose, at the December meeting, between a quarter-point and a half-point rate cut.

Paul still carried considerable influence in policy circles,

With the money supply no longer constrained by the amount of gold held by the government, deflation stopped almost immediately.

A coordinated rate cut presented tricky logistical problems.

could have a stronger effect on the U.S. and global economies than if we acted alone.

Banks have spent hundreds of millions of dollars complying with the new rules and are not looking for a rollback.

It was premature to make a definitive judgment about the effects of QE2, but the early signs seemed promising.

I found myself becoming increasingly interested in the policy frameworks that central banks use, and in how those frameworks might be improved.

On the demand side, tax cuts should lead to more consumer spending—although by how much depends on the form of the cuts and who receives them—

to respond flexibly to economic developments without the constraint of an announced target.

Inflation prospects posed some tricky issues.

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

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

But now I thought he risked undermining public confidence in the Fed