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We did stop the meltdown. We avoided what would have been, I think, a collapse of the global financial system. That was obviously a good thing. But o… - Ben Bernanke
" "We did stop the meltdown. We avoided what would have been, I think, a collapse of the global financial system. That was obviously a good thing. But one thing that I was always sure of and the Federal Reserve was always sure of was that a collapse of some of these big financial firms was going to have very serious collateral consequences. There were people arguing even as late as September 2008, “Well, why don't you just let the firms collapse? There is a system that can take care of it: bankruptcy. Why don't you let them fail?” We never thought that was a good option. Particularly, if the whole system had collapsed, we would have had extraordinarily serious consequences.
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About Ben Bernanke
Ben Shalom Bernanke (born December 13, 1953) is an American economist at the Brookings Institution who served two terms as chairman of the Federal Reserve, the central bank of the United States from 2006 to 2014. During his tenure as chairman, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. Before becoming Federal Reserve chairman, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave.
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Native Name:
Benjamin Shalom Bernanke
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Ben Shalom Bernanke
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Benjamin Bernanke
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Additional quotes by Ben Bernanke
There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
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