Reserve Quotes - page 4
Well, first of all, the Federal Reserve is an independent agency, and that means, basically, that there is no other agency of government which can overrule actions that we take. So long as that is in place and there is no evidence that the administration or the Congress or anybody else is requesting that we do things other than what we think is the appropriate thing, then what the relationships are don't, frankly, matter. And I've had very good relationships with presidents.
Alan Greenspan
Militarily it was impossible to invade with the dispositions we had made. We had only seven divisions in Albania. Two of them were necessary to hold the Albanian population from going into revolt. Two others were in reserve. That left us three divisions with which to undertake an offensive. Against us, the Greeks disposed of fifteen divisions. We might have been able to undertake an offensive had those figures been reversed.
Pietro Badoglio
It was a global depression, had many causes, the whole story requires you to look at the whole international system. But policy errors in United States, as well as abroad, did play an important role. And in particular as I said, the Federal Reserve failed in this first challenge in both parts of its mission. It did not use monetary policy aggressively to prevent deflation and the collapse in the economy, so it failed in its economic stability function. And it didn't adequately perform its function as lender of last resort allowing many bank failures and a resulting contraction in credit and also with the money supply. So, in that respect, again, the Fed did not fulfill its intended mission.
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.
Ben Bernanke
America and our allies are fighting a new kind of war against a different kind of enemy. This conflict places great demands on the men and women of our armed forces, including our Guard and Reserve. They've met every test; they've risen to every challenge. The war also places demands on those of us in government. We took an oath to protect our country. We have a solemn responsibility to support the service men and women who defend us in the field of battle.
George W. Bush
In recent weeks, we have taken bold steps to prevent a severe disruption of the American economy, which would have a devastating effect on other economies around the world. We've promoted stability in the markets by preventing the disorderly failure of major companies. The Federal Reserve has injected urgently needed liquidity into the system. And last week, I announced a decisive action by the federal government to address the root cause of much of the instability in our financial markets, by purchasing illiquid assets that are weighing down balance sheets and restricting the flow of credit. I can assure you that my administration and our Congress are working together to quickly pass legislation approving this strategy, and I'm confident we will act in the urgent time frame required.
George W. Bush
Since, however, reason compels us to plunge into the very depth of narrative, we conceive we should not be silent, but, expounding the tenets of the several schools with minute ness, we shall evince reserve in nothing. Now it seems expedient, even at the expense of a more protracted investigation, not to shrink from labour; for we shall leave behind us no trifling auxiliary to human life against the recurrence of error, when all are made to behold, in an obvious light, the clandestine rites of these men, and the secret orgies which, retaining under their management, they deliver to the initiated only. But none will refute these, save the Holy Spirit bequeathed unto the Church, which the Apostles having in the first instance received, have transmitted to those who have rightly believed.
Hippolytus of Rome
M. André Mayer ... made an astonishing confidence not long ago. "The laboratories,” he said, "are working at this moment with splendid results. In physics and biology, for example, we can predict new and very important discoveries. What is humanity going to do with the power which will soon be put into its hands? Humanity is not yet ready to receive this power. It is not in a state to make good use of it.” The events of the moment prove that this power, of which we know very little yet, and which is announced to us with such proper reserve, has little chance of serving the cause of man straight away. It will more probably be employed, or rather confiscated, for the benefit of the ambitious, the impudent, and the reckless.
Georges Duhamel
If ... we meet a man of acknowledged mental superiority, whether generally or in his special department, it is our social duty by intelligent questioning, by an anxiety to learn from him, to force him to condescend to our ignorance, or join in our fun, till his broader sympathies are awakened, and he plays with us as if we were children. Indeed this very metaphor points out one of the very remarkable instances of social equality asserted by an inferior-I mean the outspoken freedom of the child-which possesses a peculiar charm, and often thaws the dignity or dissipates the reserve of the great man and woman whose superiority is a perpetual obstacle to them in ordinary society.
John Pentland Mahaffy
The bottom line is that monetary policy is a lot harder in the post-crisis world. We have learned a lot from the past five years, but there is still much we do not know. Policymakers, including the new Federal Reserve chair, are going to need flexible minds, good research, and the wisdom of ordinary Americans if they are going to meet the challenges that lie ahead.
Christina Romer
