Janet Yellen Quotes

The Fed is the major U.S. firefighter. It's not the Treasury. It's not the Congress. We certainly saw that vividly in 2008.

When the economic well-being of their nation demanded a strong and creative response, my colleagues at the Federal Reserve... mustered the moral courage to do what was necessary.

The very existence the Federal Reserve System is a safeguard against anything like a calamity growing out of money rates …. We have the power to deal with such an emergency instantly by flooding the street with money.

In a financial crisis, only the Fed, as the lender of last resort, might stand between our economy and financial catastrophe. We must leave the Fed with the flexibility to provide liquidity in order to stop a financial panic.

I believe that the root cause of every financial crisis, the root cause, is flawed government policies.

Throughout the 19th century, when there was a laissez-faire mentality and insufficient regulation, you had one crisis after another. Each crisis brought about some reform. That is how central banking developed.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

All the Federal Reserve can do is make loans against collateral.

The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took the United States until 1913 to set up a central bank. The Federal Reserve earned its hard-won independence over years of effort.

The Federal Reserve cannot solve all the economy's problems on its own.

The Fed is the biggest enemy of this economy. In fact, Ben Bernanke, as far as I'm concerned, he's public enemy No. 1. We're never going to have a recovery while this guy's in charge.

The Bank of England should lend in times of internal panic as freely and readily as plain principles of banking require.

New policy tools, which helped the Federal Reserve respond to the financial crisis and Great Recession, are likely to remain useful in dealing with future downturns.

As much as the banking system may not be terribly popular, it is an essential part of the economy.

The RBI is interacting with the banks every day.

If the Fed is omniscient, why didn't they pull back on the excess money supply that inflated the massive housing bubble that popped so disastrously back in 2008?

Alan Greenspan is going to go down in history as one of the worst Federal Reserve chairmen ever.

Janet Yellen at the FED is equivalent to having a biology schoolteacher who has never seen blood perform brain surgery.

The Fed is the greatest hedge fund in history.

The President [Barack Obama], I think if you look at it from his shoes, you know, was facing a very difficult situation where he had to own Washington, tame New York, save a collapsing economy, with a collapsed financial system. He moved, I think, to a team that he felt was tried and true, in terms of dealing with financial crisis. That was his decision.

There is no entity in the world that controls our lives more than the Federal Reserve System

The failure of Lehman Brothers demonstrated that liquidity provision by the Federal Reserve would not be sufficient to stop the crisis; substantial fiscal resources were necessary.

The economics profession advances by one confusing financial disaster at a time.

There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.

To the extent that bank panics interfere with normal flows of credit, they may affect the performance of the real economy.