Ben Bernanke

The failure of Lehman Brothers demonstrated that liquidity provision by the Federal Reserve would not be sufficient to stop the crisis; substantial fiscal resources were necessary. ”

The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes. ”

Of course, economic forecasts must be revised when new information arrives and are thus necessarily provisional. ”

Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education. ”

I have spoken about deficits, and I think deficits are important because they address broad economic and financial stability. We need to talk about that. ”

If the fiscal cliff occurs, I don't think the Federal Reserve has the tools to offset that event. ”

Monetary policy is not a panacea. ”

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis. ”

Developments in financial markets can have broad economic effects felt by many outside the markets. ”

If I am confirmed, I am confident that my colleagues on the Federal Open Market Committee and I will maintain the focus on long-term price stability as monetary policy's greatest contribution to general economic prosperity and maximum employment. ”