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House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals, including robust growth in jobs and incomes, low mortgage rates, steady rates of household formation, and factors that limit the expansion of housing supply in some areas.

— Ben Bernanke

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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.

History proves . . . that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.

To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.

Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve System. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again.

"For nearly eight years, Ben has led the Fed through some of the most daunting economic challenges of our lifetime." - US President Barack Obama, October 2013.

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Quote text and notes from Wikiquote: Ben Bernanke (page history), available under CC BY-SA 4.0. Source quality and labels are our own summary of what Wikiquote records.