Econintersect: As Federal Reserve Ben S. Bernanke term as Chairman draws to a close (his term expires on 31 January 2014), his speeches become more introspective. His quote of the day from the Annual Meeting of the American Economic Association, Philadelphia, Pennsylvania on January 3, 2014:
We often speak of the Federal Reserve or other institutions as if they were autonomous actors. Of course, they are not. The Fed is made up of people, working within an organizational structure and with an institutional culture and set of values.
I am very proud of my colleagues at the Fed for the hard work and creativity they have brought to bear in addressing the financial and economic crisis, and I think we and they have been well served by a culture that emphasizes objective, expert analysis; professionalism; dedication; and independence from political influence. Whatever the Fed may have achieved in recent years reflects the efforts of many people who are committed, individually and collectively, to pursuing the public interest.
[click on image below to read the full speech]
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