A Quote by Ben Bernanke
The Federal Reserve has always recognized the importance of allowing markets to work, and government oversight of financial firms will never be fully effective without the aid of strong market discipline.
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As both a career intelligence officer and as an American citizen, I am a strong believer in the importance of oversight. Simply put, experience has taught us that CIA cannot be effective without the people's trust, and we cannot hope to earn that trust without the accountability that comes with Congressional oversight.
The Federal Reserve has a responsibility to ensure the safety and soundness of financial institutions and to contain systemic risks in financial markets.
RE: GSEs like Freddie Mac & Fannie Mae: "creditors will continue to underprice the risk-taking of these financial institutions, overfund them, and fail to provide effective market discipline Facing prices that are too low, systemically important firms will take on too much risk."
Federal Reserve officials have stressed the importance of the Fed's independence. But such independence does not mean that it is immune from Congressional oversight.
Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny days and are almost never stress-tested for stormy weather. Securitization is an area that almost perfectly fits this description; markets for securitized assets such as subprime mortgages completely collapsed in 2008 and have not fully recovered. Ironically, the government is eager to restore the securitization markets back to their pre-collapse stature.
We developed at the local school district level probably the best public school system in the world. Or it was until the Federal government added Federal interference to Federal financial aid and eroded educational quality in the process.
Starting in late 2007, faced with acute financial market distress, the Federal Reserve created programs to keep credit flowing to households and businesses. The loans extended under those programs helped stabilize the financial system.
California will not wait for our federal government to take strong action on global warming. We won't wait for the federal government. We will move forward because we know it's the right thing to do. We will lead on this issue and we will get other western states involved. I think there's not great leadership from the federal government when it comes to protecting the environment.
Without doubt, timely and democratic access to financial and market information contributes to smoothly functioning financial markets.
Earnings don't move the overall market; it's the Federal Reserve Board... focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets.
The tenth amendment said the federal government is supposed to only have powers that were explicitly given in the Constitution. I think the federal government's gone way beyond that. The Constitution never said that you could have a Federal Reserve that would have $2.8 trillion in assets. We've gotten out of control.
Anyplace market forces have been artificially removed by the government there is a total absence of incentives, competition, effective oversight, cost controls and so on.
Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted.
The Federal Reserve places great importance on our relations with the Bundesbank. Few such relationships have been as important, over the decades, in promoting financial stability and prosperity around the world.
The Federal Reserve, the Treasury, all the regulator agencies - if there's a problem of the financial mechanism in society, the only one to fix it is government. They've got a legitimate role.
The financial markets are rigged by the big banks, the Federal Reserve, and the Treasury in the interests of the profits of the few big banks and the dollar's exchange value, which is the basis of U.S. power.
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