Federal Reserve Quotes - Page 7

• In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.

  Janet Yellen

  Jobs, Decision, Boards

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• Well, the chairman of Federal Reserve just made his move to rescue Barack Obama. We're gonna have QE3. We're gonna print some more money.

  Rush Limbaugh

  Moving, Made, Rescue

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• You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.

  Judd Gregg

  Agency, Safety, Purpose

  "Financial Regulatory Reform: Washington 'Going Stupid' Again?". "On the Record", www.foxnews.com. April 19, 2010.

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• I like Mitt Romney as a person. I think he's a dignified person. But I have no common ground on economics. He doesn't worry about the Federal Reserve. He doesn't worry about foreign policy. He doesn't talk about civil liberties, so I would have a hard time to expect him to ever invite me to campaign with him.

  Ron Paul

  Thinking, Hard Times, Worry

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• There have been times when the Federal Reserve has restricted the money supply and raised interest rates to gain an end, which had much better been left to another Government agency or the Congress to attain. The country could have had lower interest rates without sacrificing anything else.

  Wright Patman

  Country, Sacrifice, Agency

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• It may seem strange, but Congress has never developed a set of goals for guiding Federal Reserve policy. In founding the System, Congress spoke about the country's need for "an elastic currency." Since then, Congress has passed the Full Employment Act, declaring its general intention to promote "maximum employment, production, and purchasing power." But it has never directly counseled the Federal Reserve.

  Wright Patman

  Wisdom, Country, Goal

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• The Federal Reserve is no more federal than Federal Express.

  Michael Ruppert

  Reserves

  "America: Freedom to Fascism", www.imdb.com. 2006.

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• The Federal Reserve was not founded to bail out Bear Stearns or a few hedge funds. It was founded to keep a stable currency and maintain its value.

  Jim Rogers

  Bail, Bears, Financial

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• A snarky but accurate description of monetary policy over the past five years is that the Federal Reserve successfully replaced the technology bubble with a housing bubble

  Paul Krugman

  Past, Technology, Years

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• It's true that the Federal Reserve faces a lot of political pressure and is unpopular in many circles.

  Ben Bernanke

  Circles, Political, Pressure

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• In the United States we have, in effect, two governments ... We have the duly constituted Government ... Then we have an independent, uncontrolled and uncoordinated government in the Federal Reserve System, operating the money powers which are reserved to Congress by the Constitution.

  Wright Patman

  Independent, Government, Two

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• Intriguingly, in poll after poll, when Americans are asked what public institutions they most respect, three bodies are always at the top of their list: the Supreme Court, the armed forces, and the Federal Reserve System. All three have one thing in common: they are insulated from the public pressures and operate undemocratically. It would seem that Americans admire these institutions, precisely because they lead rather than follow.

  Fareed Zakaria

  Three, Body, Pressure

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• Bad as "independence" is, the main fault of the Federal Reserve System - an admirable system if conducted in the public interest - is that too much power and control rests in the hands of people whose private interests are directly affected by the Federal Reserves' actions.

  Wright Patman

  Wisdom, Hands, People

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• Lethargy bordering on sloth remains the cornerstone of our investment style. The exception was Wells Fargo, a superbly-managed, high-return banking operation in which we increased our ownership to just under 10%, the most we can own without the approval of the Federal Reserve Board.

  Warren Buffett

  Sloth, Style, Boards

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• The president has very little effect on the economy. If you want to put blame or credit, the main person who influences the business cycle is the head of the Federal Reserve Bank.

  Robert Fogel

  President, Credit, Want

  Interview with Marika Griehsel, www.nobelprize.org. September 2004.

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• I don't think it's possible for the Fed to end its easy-money policies in a trouble-free manner. Recent episodes in which Fed officials hinted at a shift toward higher interest rates have unleashed significant volatility in markets, so there is no reason to suspect that the actual process of boosting rates would be any different. I think that real pressure is going to occur not by the initiation by the Federal Reserve, but by the markets themselves.

  Alan Greenspan

  Real, Thinking, Different

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• I cannot morally blame all Americans for allowing, for instance, the birth of the Federal Reserve System and the money destruction that has followed. They are simply ignorant about it and don’t know what happened or what is happening. They think that prices go up rather than that dollars go down.

  Robert Prechter

  Thinking, Ignorant, Dollars

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

  Harry Reid

  World, Entity, Reserves

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• The investment banks should either choose to be regulated as banks or should arrange to conduct their affairs to not require the stop-gap support of the Federal Reserve.

  Kenneth C. Griffin

  Support, Gaps, Affair

  "A Wish List for Fixing Wall Street" by Andrew Ross Sorkin, www.nytimes.com. May 13, 2008.

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• The Fed cannot reduce inequality on its own; far from it. This requires a concerted effort by the government, broadly speaking, to support a variety of efforts. These include things like raising the federal minimum wage, eliminating unfair restrictions on union organizing, increased fiscal spending on needed infrastructure with a condition that these jobs will be decent paying jobs. Of course, this is just the tip of the iceberg, and far from the question of the role of the Federal Reserve.

  Gerald Epstein

  Jobs, Government, Support

  Source: www.truth-out.org

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• When it comes to the Federal Reserve, there's an awful lot of books out there; in my library, I bet I've got 200 books if I've got any on the Federal Reserve. And we don't need any more books, we need action, and that's what the Liberty Dollar did, it gave people a way to take action. Our catch phrase was you want to "make money, do good, and have fun," and people really responded to that.

  Bernard von NotHaus

  Fun, Book, People

  Source: www.lewrockwell.com

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• Last year, Congress passed a law that directs the Federal Reserve to set limits on debit card swipe fees that are reasonable and proportional to the cost of processing those transactions. Like most Americans, I had no idea that swipe fees charged to American businesses are the highest in the world.

  Peter Welch

  Law, Ideas, Years

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• The best thing I have are 5 percent bonds from 1780, denominated from $1 to $20. As far as I can tell, they are obligations from the United States of America, so I should be able to walk down to the Federal Reserve and redeem the uncanceled ones. With 217 years of accrued interest, for a $20 bond, that's about $800,000.

  Andrew Tobias

  Years, America, United States

  "'I Have to Take a Call from My Russian Broker': Andrew Tobias Talks About His 'Vast Fortune'". Interview with Deborah Stead, www.nytimes.com. November 2, 1997.

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• The dirty little secret is that both houses of Congress are irrelevant. ... America's domestic policy is now being run by Alan Greenspan and the Federal Reserve, and America's foreign policy is now being run by the International Monetary Fund [IMF]. ...when the president decides to go to war, he no longer needs a declaration of war from Congress.

  Robert Reich

  Running, War, Dirty

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• There's no hidden secrets going on in the Federal Reserve...

  Herman Cain

  Secret, Hidden Secrets, Reserves

  YouTube Chanel "ronpaul"/ "Herman Cain: Federal Reserve Audit Unnecessary", www.youtube.com. October 10, 2011.

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