The economic repercussions of a stock market crash depend less on the severity of the crash itself than on the response of economic policymakers, particularly central bankers.
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"A Crash Course for Central Bankers," Foreign Policy (September/October 2000)Ben Bernanke
Planes will crash, He'll never let you down.
So maybe there's a crash coming for the ground,
Seek His face, He'll never let you down.
Worship grace, He'll never let you down.Sufjan Stevens
There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U.S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.
Ben Bernanke
Sour Grapes is a comedy about things that aren't funny. It reminded me of Crash, an erotic thriller about things no one finds erotic. The big difference is that David Cronenberg, who made Crash, knew that people were not turned on by auto accidents. Larry David, who wrote and directed Sour Grapes, apparently thinks people are amused by cancer, accidental castration, racial stereotypes and bitter family feuds... The more I think of it, the more Sour Grapes really does resemble Crash (except that Crash was not a bad film). Both movies are like watching automobile accidents. Only one was intended to be.
Roger Ebert
Greenspan's reaction with regard to the stock-market bubble has caused two more bubbles to grow: a real-estate bubble and a consumer-debt bubble... History will judge him one of the worst Central Bankers ever.
Alan Greenspan
Economics is a highly sophisticated field of thought that is superb at explaining to policymakers precisely why the choices they made in the past were wrong. About the future, not so much. However, careful economic analysis does have one important benefit, which is that it can help kill ideas that are completely logically inconsistent or wildly at variance with the data. This insight covers at least 90 percent of proposed economic policies.
Ben Bernanke
Bernanke, Ben
Bernanos, Georges
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