“The crisis in Europe has affected the U.S. economy by acting as a drag on our ex…” — Ben Bernanke

Growth in U.S. real imports slowed to about 3 percent in 2006, in part reflecting a drop in real terms in imports of crude oil and petroleum products.

I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.

Only a strong economy can create higher asset values and sustainably good returns for savers.

Many savers are also homeowners; indeed, a family's home may be its most important financial asset. Many savers are working, or would like to be.