Although we work through financial markets, our goal is to help Main Street, not Wall Street.
Janet YellenRead
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
Interpretation
What this quote means
The quote highlights the vulnerability of families with limited assets during financial crises.
Janet Yellen’s quote reflects on the stark reality revealed by the financial crisis and the Great Recession, emphasizing how many American families are left with little financial security. It underscores the ongoing improvements in the economy while reminding us of the significant challenges faced by those with few assets, pointing to the need for better financial safety nets.
Themes
Financial CrisisRecessionVulnerabilityEconomic SecurityFamilies
In practice
Example use cases
During a public speech about economic policy, one might use this quote to illustrate the importance of financial support systems.
More from Janet Yellen
All quotes →We 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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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.
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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.
Janet YellenRead
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