Doug Ose Quotes

Today, energy prices are at historic highs. Some analysts estimate that energy price shocks this year could cost American consumers more than $40 billion. Speaking very frankly, we cannot afford this kind of expense.

The Bank of England's Carney is worried the shock of Britain's vote to leave the E.U. could cause households and businesses to temporarily halt spending, which could stop the economy and even spur a recession.

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.

People stop buying things, and that is how you turn a slowdown into a recession.

Certainly, 9 percent unemployment and very slow growth is not a good situation.

With the shrinking of the US economy, and it's shrinking very rapidly, you not only have more money, but you also have fewer goods. That's a classic double-whammy on inflation.

Even if consumer confidence hit rock bottom, that most likely would not be enough, by itself, to cause a depression.

If we continue to print new paychecks at the rate we've been adding them, that mitigates a lot of the damage of higher gasoline prices.

We now have the worst of both worlds – not just inflation on the one side or stagnation on the other side, but both of them together. We have sort of “stagflation” situation.

I think that this is the most significant financial crisis in the post-War period for the United States, and it has in fact a global reach.... I think it is extraordinarily important to understand that, as we have seen in many previous examples of different countries and different times, choking up of credit is like taking the lifeblood away from the economy.

Deflation can be particularly dangerous when a financial system is shaky, with household and corporate balance sheets in poor shape and banks undercapitalized and heavily burdened with bad loans.

Doing nothing and shrinking spending may save us public money in the short term but could cost us a great deal more over time as the recession takes hold for much longer.

If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold.

This crisis is not simply a more severe version of the usual business cycle recession, the typical downturn in which economies ultimately adjust and stabilize.

We got into a recession because the global economy went into the recession and we're a big exporting nation.

The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.

Local economies are suffering as people spend more on fuel and less on consumer goods and travel.

Oil prices have certainly become a threat for the world economy.

So, in Europe, they're cutting people's retirement and health benefits. And that's what we want to avoid from happening. They're raising taxes, entering a recession. That's the kind of economic program that President Obama has put in place.

Sector-specific price declines, uncomfortable as they may be for producers in that sector, are generally not a problem for the economy as a whole and do not constitute deflation.

We have fluctuations all the time, business cycles, and they come about in various ways, but normally what sets them off is some reduction in the willingness of our population, our businesses, and foreigners to buy.

If global oil prices or commodity prices are high, then it is bound to create inflation. So, we should not be too worried if the inflation is created by global commodity prices. When they come down, inflation will automatically come down.

The downturn following the collapse of Japan's so-called bubble economy of the 1980s was not as severe as the Great Depression.

This continuing spike in gas prices is bad for consumers, bad for our economy, and bad for all other businesses. It is hurting us and costing us jobs.

Should that worse scenario materialize, then most probably our propensity to increase interest rates will be weaker.