Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
Interpretation
What this quote means
The key to recovering from a financial crisis is to fully address and fix the financial system.
Janet Yellen emphasizes that history has shown us that a crucial requirement for lasting economic recovery after a financial crisis is a comprehensive overhaul of the financial system. This indicates that merely addressing superficial issues is insufficient; instead, a deep and thorough repair is necessary to foster stability and growth in the economy.
Themes
Economic RecoveryFinancial CrisisRepairSystemThoroughgoing
In practice
Example use cases
A speaker at an economic conference might use this quote to emphasize the need for systemic reforms in the financial sector.
More from Janet Yellen
All quotes βWe need to keep in mind the well-established fact that the full effects of monetary policy are felt only after long lags. This means that policy makers cannot wait until they have achieved their objectives to begin adjusting policy.
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Transparency concerning the Federal Reserve's conduct of monetary policy is desirable because better public understanding enhances the effectiveness of policy. More important, however, is that transparent communications reflect the Federal Reserve's commitment to accountability within our democratic system of government.
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For decades, the pace of technological change in manufacturing has outstripped that in the economy as a whole. And, so, firms - manufacturing firms - have found it easier to continue producing by - with - reducing their workforces.
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Inequality has risen to the point that it seems to me worthwhile for the U.S. to seriously consider taking the risk of making our economy more rewarding for more of the people.
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In government institutions and in teaching, you need to inspire confidence. To achieve credibility, you have to very clearly explain what you are doing and why. The same principles apply to businesses.
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