I would argue that no financial instrument counted as regulatory capital should be allowed to receive any protection from losses.
From Ben Bernanke
In all likelihood, a significant amount of time will be required to restore the nearly eight and a half million jobs that were lost nationwide over 2008 and 2009.
Fostering transparency and accountability at the Federal Reserve was one of my principal objectives when I became Chairman in February 2006.
The Federal Reserve, like other central banks, wields powerful tools; democratic accountability requires that the public be able to see how and for what purposes those tools are being used.
At the most basic level, a central bank must be clear and open about its actions and operations, particularly when they involve the deployment of public funds.
Monetary policy has less room to maneuver when interest rates are close to zero, while expansionary fiscal policy is likely both more effective and less costly in terms of increased debt burden when interest rates are pinned at low levels.
Most of the policies that support robust economic growth in the long run are outside the province of the central bank.
The Federal Reserve cannot solve all the economy's problems on its own.
Of course, economic forecasts must be revised when new information arrives and are thus necessarily provisional.
The actions taken by central banks and other authorities to stabilize a panic in the short run can work against stability in the long run if investors and firms infer from those actions that they will never bear the full consequences of excessive risk-taking.
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