page_title: Ben Bernanke
section_title: Financial crisis of 2007–2008
hierarchical_section_title: Ben Bernanke / Chairman of the United States Federal Reserve / Financial crisis of 2007–2008
caption_attribution_description: English: President George W. Bush stands with Federal Reserve Chairman Ben Bernanke, left, SEC Chairman Chris Cox, right, and Treasury Secretary Hank Paulson as he delivers a statement on the economy Friday, Sept. 19, 2008, in the Rose Garden of the White House. Русский: Президент США Джордж Буш младший вместе с Председателем Федеральной резервной системы Беном Бернанке (слева), Председателем Комиссии по торговле ценными бумагами Крисом Коксом (справа) и Секретарём Казначейства США Хэнком Поулсоном. Президент США произносит речь в Розовом саду Белого дома по проблеме сложившейся негативной экономической обстановки в стране.
context_page_description: Ben Shalom Bernanke is an American economist at the Brookings Institution who served two terms as Chair of the Federal Reserve, the central bank of the United States, from 2006 to 2014. During his tenure as chair, Bernanke oversaw the Federal Reserve's response to the late-2000s financial crisis. Before becoming Federal Reserve chair, Bernanke was a tenured professor at Princeton University and chaired the department of economics there from 1996 to September 2002, when he went on public service leave.
  From August 5, 2002, until June 21, 2005, he was a member of the Board of Governors of the Federal Reserve System, proposed the Bernanke Doctrine, and first discussed "the Great Moderation" — the theory that traditional business cycles have declined in volatility in recent decades through structural changes that have occurred in the international economy, particularly increases in the economic stability of developing nations, diminishing the influence of macroeconomic policy.
  Bernanke then served as chairman of President George W. Bush's Council of Economic Advisers before President Bush nominated him to succeed Alan Greenspan as chairman of the United States Federal Reserve.
context_section_description: As the Great Recession deepened, Bernanke oversaw some unorthodox measures. Under his guidance, the Fed lowered its funds interest rate from 5.25% to 0.0% within less than a year. When this was considered insufficient to abate the liquidity crisis, the Fed initiated quantitative easing, creating $1.3 trillion from November 2008 to June 2010 and using the created money to buy financial assets from banks and from the government.
caption: Bernanke (left) in September 2008 as President Bush speaks about the economy
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