Ben Bernanke Quotes
I've never been on Wall Street. And I care about Wall Street for one reason and one reason only because what happens on Wall Street matters to Main Street.
Bernanke, Ben. Interview by Scott Pelley. 60 Minutes, CBS, 15 Mar. 2009.
Addressing Theodore Roosevelt in 1896:
Most companies in most industries don’t even have $1 billion in total revenue. The Wall Street Banks however are enormous. JP Morgan does $93 billion in a single year. They make profits of twice the amount of the fine. The company had made so much money during the Great Recession that Morgan had more almost twice the fine in cash reserves. So when they paid the fine, their earnings would not be penalized even $1. They earned about $26 billion for the year even after paying the fine. It would be like a profitable neighborhood hardware store being fined 5 cents. Better Markets is a non-profit, financial organization that lobbies for better and greater government regulation of the finance industry.
Ben Shalom Bernanke is an American economist at the Brookings Institution who served two terms as the 14th Chair of the Federal Reserve, from 2006 to 2014. During his tenure as chair, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis, for which he was named the 2009 Time Person of the Year. Before becoming Federal Reserve chair, 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.