A Quote by Ben Bernanke
The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.
Related Quotes
From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.
I am worried that the collapse of home prices might turn out to be the most severe since the Great Depression.
I suffer from depression. Severe cases of it. Not one case of depression, not a severe case, but severe cases of depression. Music is my only outlet, it's therapeutic to me. It's a release. It's how I vent emotionally.
We have the worst revival of an economy since the Great Depression. And believe me: We're in a bubble right now.
The collapse of the housing bubble sent the world spiraling into recession. The collapse of the energy and commodity bubble threatens to be just as damaging.
During the 1980s, when Japan's economy was roaring and people were writing books with titles like 'Japan is Number One,' most Japanese college students didn't make the effort to become fluent in English.
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
I know many of you are hurting and angry about the economy, and I don't blame you. It's the worst economy since the Great Depression. When consumers can't buy and businesses won't expand for lack of customers, the government has to be the purchaser and employer of last resort. We learned that in the Great Depression, but Republicans obviously didn't - and they've blocked every jobs program I've offered.
When I came to office, in terms of diplomacy and national security, as well as the economy, Japan was in a very severe situation.
The trade deficit always goes up when the economy is strong and plummets when the economy sinks, as it did during both the Great Depression of the 1930s and the Great Recession of 2008-09.
The stock market in Japan was half the world market and where has the Japan economy gone since the 1990s? Nowhere. They've been struggling for two decades in the aftermath of a massive bubble that's collapsed. They've tried to work their way out of it by printing even more money and it hasn't worked. Now, I'm saying this is what all the central banks are doing. There is no honest interest rate in the world today.
What has happened to Africa is very severe. We are talking about the collapse of this and the collapse of that, of good government, of the economy particularly. And this has hit education badly. The news you get from the universities in Nigeria is often appalling. I don't think a lot of it gets out. There is the obsession with cults and all kinds of dreadful things going on and all this is taking its toll and it is not surprising that quality of students and graduates who come out is not good. It will not be surprising if this shows in the quality of work they do.
I've not won different awards - many, many times - so luckily I've practiced that whenever you are nominated for anything, you enter into this marvelous, fantabulous bubble called the bubble of nomination. The minute the envelope is opened and your name isn't called out, the bubble bursts. And no one calls you up the next day to say, 'So sorry you didn't win,' or 'You looked gorgeous - nothing. If you win, you get about another 24 hours in that lovely bubble and then - pop - you are slightly wet all over from the bubble and realize that you have to get on with real life.
We can talk about republican or democratic approaches to the economy, but until you fix the student loan bubble - and that's where the real bubble is - and the tuition bubble, we don't have a chance. All this other stuff is shuffling deck-chairs on the Titanic.
The sluggish economy is creating a situation where the young people in Japan cannot cherish their desires or have prospects for their future. Also, the decline in Japan's economic capability is resulting in a declining presence for Japan's foreign policy as well.
Accordingly, the duties and mission that I must fulfill are pretty clear: namely, to regain a strong and robust economy, and also to restore Japan's strong foreign policy capability.
When I lived in Japan in the 1980s, I once was mistaken for Paul Newman, and I didn't have much more hair than I do now. My first reaction was that staying in Japan might be good for my social life.
Related Authors
Andrew Yang Quotes
American
Public Servant
David Frum Quotes
American
Public Servant
Elizabeth Warren Quotes
American
Public Servant
Henry Paulson Quotes
American
Public Servant
James Comey Quotes
American
Public Servant
Janet Reno Quotes
American
Public Servant
Janet Yellen Quotes
American
Public Servant
Karren Brady Quotes
British
Public Servant
Michael Hayden Quotes
American
Public Servant
Mohammed Saeed al-Sahaf Quotes
Iraqi
Public Servant
Paula White Quotes
American
Public Servant
Samantha Power Quotes
Irish
Public Servant
Scott Gottlieb Quotes
American
Public Servant
Steve Bannon Quotes
American
Public Servant
Vivek Murthy Quotes
American
Public Servant
Wendy Kopp Quotes
American
Public Servant