Federal Reserve Quotes - Page 5

• Even when [Federal Reserve Chairman Ben] Bernanke said the recession was over ... you think that would have been a bigger boom somewhere, but it seems we just take everything in stride.

  Bill Maher

  Thinking, Over You, Said

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• The real estate interests and banks are in a kind of symbiosis. They're the largest-growing part of the economy. This is the sector that backs the political campaigns of senators, presidents and congressmen, and they use this leverage to make sure that their people dominate the Federal Reserve, Treasury and the federal housing agencies.

  Michael Hudson

  Real, Agency, People

  Source: www.counterpunch.org

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• The myth is that if housing prices go up, Americans will be richer. What banks - and behind them, the Federal Reserve - really want is for new buyers to be able to borrow enough money to buy the houses from mortgage defaulters, and thus save the banks from suffering from more mortgage defaults.

  Michael Hudson

  House, Suffering, Want

  Source: www.counterpunch.org

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• I think the role of the Federal Reserve is enormously exaggerated.

  John Kenneth Galbraith

  Thinking, Roles, Reserves

  Source: www.progressive.org

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• What happened was that for every $100 of money, by which I mean the cash that people keep in their pockets, and the deposits they have in the bank, for every $100 of money that there was in 1929, by 1933 there was only $67. The Federal Reserve allowed the quantity of money to decline by a third. While, at all times, it had the possibilities and the power of preventing that from happening.

  Milton Friedman

  Mean, People, Pockets

  Source: www.pbs.org

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• The Depression, which started in 1929 was rather mild from 1929 to 1930. And, indeed, in my opinion would have been over in 1931 at the latest had it not been that the Federal Reserve followed a policy which led to bank failures, widespread bank failures, and led to a reduction in the quantity of money.

  Milton Friedman

  Opinion, Reduction, Policy

  Source: www.pbs.org

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• Almost every aspect of its (Federal Reserve) history should be approached with a discriminating disregard for what is commonly taught or believed.

  John Kenneth Galbraith

  Investing, Taught, Should

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• the Federal Reserve, has an official commitment to two different policies. One is to prevent inflation from getting too high. The second is to maintain high employment... The European central bank has only the first. It has no commitment to keep employment up.

  Noam Chomsky

  Commitment, Two, Different

  Interview with Renowned Scholar, dialogosmedia.org. October 13, 2012.

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• Once the government runs out of foreign and private sector bidders for new Treasurys, the Federal Reserve will be the only buyer, and the hyper-inflation cat will be completely out of the bag.

  Peter Schiff

  Running, Cat, Government

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• I don't think the Federal Reserve has any role in how high rates are right now. I don't understand why everyone is paying attention to this tapering. The Fed is using one kind of bond to buy another kind of bond. What's the big deal, and why is anyone taking the Fed seriously?

  Eugene Fama

  Thinking, Attention, Investing

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• Some people think the Federal Reserve Banks are US government institutions. They are not... they are private credit monopolies which prey upon the people of the US for the benefit of themselves and their foreign and domestic swindlers, and rich and predatory money lenders. The sack of the United States by the Fed is the greatest crime in history. Every effort has been made by the Fed to conceal its powers, but the truth is the Fed has usurped the government. It controls everything here and it controls all our foreign relations. It makes and breaks governments at will.

  Louis Thomas McFadden

  Money, Thinking, Government

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• I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.

  Herman Cain

  Cities, Kansas City, Twelve

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• Spending time at the Federal Reserve was a good learning opportunity for me. It helped me to understand economic philosophies and polices that I had not previously known about.

  Herman Cain

  Philosophy, Opportunity, Economic

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• There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to sort of do something or the Federal Reserve, the Fed, or the Central Bank, or whatever, it has to intervene. It has to create enough investment for the economy not to suffer from a fall in aggregate demand. So, if you don't have a balance within the market system itself, then you need an external balance and that's what I think Keynes believed.

  Robert Skidelsky, Baron Skidelsky

  Fall, Thinking, Suffering

  Source: bigthink.com

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• There is two things that can disrupt business in this country. One is War, and the other is a meeting of the Federal Reserve Bank.

  Will Rogers

  Country, War, Two

  Will Rogers, Bryan B. Sterling (1995). “Will Rogers Speaks: Over 1,000 Timeless Quotations for Public Speakers (writers, Politicians, Comedians, Browsers ...)”, M Evans & Company

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• Before passage of this [Federal Reserve] Act, the New York Bankers could only dominate the reserves of New York. Now, we are able to dominate the bank reserves of the entire country.

  Nelson W. Aldrich

  Country, New York, Historical

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• What's happening is there's transfer of wealth from the poor and the middle class to the wealthy. This comes about because of the monetary system that we have. When you inflate a currency or destroy a currency, the middle class gets wiped out, so the people who get to use the money first, which is created by the Federal Reserve System, benefit, so the money gravitates to the banks and to Wall Street. That's why you have more billionaires than ever before.

  Ron Paul

  Money, Wall, Class

  Republican Presidential debate in Dearborn, Mich., www.nytimes.com. October 9, 2007.

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• The New York Federal Reserve is a tool of the big banks.

  Collin Peterson

  New York, Historical, Tools

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• The Federal Reserve System is nothing more than legalized counterfeit.

  Ron Paul

  Historical, Counterfeit, Reserves

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• Prices are going up. Unemployment is continue to go up. And we have not had the necessary correction for the financial bubble created by our Federal Reserve system.

  Ron Paul

  Unemployment, Financial, Reserves

  "GOP Rivals Hit Obama on Foreign Policy Despite Bin Laden Killing, Hit Harder on Economy". www.foxnews.com. May 05, 2011.

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• There's nothing the people love more than a Federal Reserve joke.

  Adam McKay

  People, Jokes, Reserves

  "Will Ferrell, Adam McKay Celebrate 'The Other Guys'". "Fresh Air" with Terry Gross, www.npr.org. August 5, 2010.

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• I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve - it's taxpayer's money that's being used there.

  Harry Reid

  Thinking, Interesting, Would Be

  "This Video Of Harry Reid Demanding A Federal Reserve Audit Will Blow Your Mind" by Grace Wyler, www.businessinsider.com. July 25, 2012.

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• The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...and has created out of nothing a ... debt which the American people are obliged to pay with interest.

  Wright Patman

  Government, Air, People

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• Ever since the Federal reserve was born, (in 1913) we have been living under a lie.

  Michael Maloney

  Lying, Conspiracy, Born

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• Perhaps more to the point for TBTF (Too Big To Fail bank), if a SIFI (Systemically Important Financial Institution) does fail I have little doubt that private investors will in fact bear the losses-even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution

  Jeremy C. Stein

  Loss, Political, Doubt

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