A Quote by Janet Yellen
While admirers of capitalism, we also to a certain extent believe it has limitations that require government intervention in markets to make them work.
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It is not uncommon to suppose that the free exchange of property in markets and capitalism are one and the same. They are not. While capitalism operates through the free market, free markets don't require capitalism.
I started out by viewing the marketplace as a cruel place, where you need intervention by government and lawyers to protect people. But after watching the regulators work, I have come to believe that markets are magical and the best protectors of the consumer. It is my job to explain the beauties of the free market.
While free markets tend to democratize a society, unfettered capitalism leads invariably to corporate control of government.
There is no way to stabilize the markets other than through government intervention.
You need a government that believes in government. It also believes in markets and wants to give markets the best, the greatest opportunity, but is trying to govern well.
The role of government is to tax the people to the least extent possible while still taxing them enough to cover the basic needs for government.
What I believe is that marriage is between a man and a woman, but what I also believe is that we have an obligation to make sure that gays and lesbians have the rights of citizenship that afford them visitations to hospitals, that allow them to be, to transfer property between partners, to make certain that they're not discriminated on the job.
I believe that marriage has a spiritual foundation because only a man and a woman can create life, which is a gift from God. So, while I believe that government should bestow benefits equally, I also believe that government must respect those - like myself - who believe that marriage has a religious foundation.
To a certain extent everybody has a certain sort of way of being a persona that they learn how to be when they're really little. They figure out that if they're really funny, or really pretty, or if they work really, really hard or are really smart, then that's what's going to get them by. That is what is going to make people like them.
While I believe firmly in open markets and free trade, I also believe an open market needs a level playing field.
If, for example, existing government intervention is minor, we shall attach a smaller weight to the negative effect of additional government intervention. This is an important reason why many earlier liberals, like Henry Simons, writing at a time when government was small by today's standards, were willing to have government undertake activities that today's liberals would not accept now that government has become so overgrown.
There's something about China and its rush to capitalism that I find confusing. At the same time, we live in an America where capitalists oppose any government interference with free markets, while in China you have a very controlled, state-planned market where economic growth is better than ours.
Revolutions require work, revolutions require sacrifice, revolutions, and our own included, require a certain amount of rationing, a certain amount of calluses, a certain amount of sacrifice
I would like to suggest to you that the extent to which government in America has departed from the original design of in habiting the destructive actions of man and invoking a common justice; the extent to which government has invaded the productive and creative areas; the extent to which the government in this country has assumed the responsibility for the security, welfare, and prosperity of our people is a measure of the extent to which socialism has developed here in this land of ours.
In proportion as the people are accustomed to manage their affairs by their own active intervention, instead of leaving them to the government, their desires will turn to repelling tyranny, rather than to tyrannizing: while in proportion as all ready initiative and direction resides in the government, and individuals habitually feel and act as under its perpetual tutelage, popular institutions develop in them not the desire of freedom, but an unmeasured appetite for place and power.
The government can always rescue the markets or interfere with contract law whenever it deems convenient with little or no apparent cost. (Investors believe this now and, worse still, the government believes it as well. We are probably doomed to a lasting legacy of government tampering with financial markets and the economy, which is likely to create the mother of all moral hazards. The government is blissfully unaware of the wisdom of Friedrich Hayek: "The curious task of economics is to demonstrate to men how little they really know about what they imagine they can design.")
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