Bernanke, Ben

So, you're not going to identify every possible {bubble} for sure, but you can - you can do your best and you can try to make sure the system is strong. And when you identify problems you can use - I think the first line of defense needs to be regulatory and supervisory authorities …

The Federal Reserve was created about 100 years ago now in 1913. It was the - it was the law. Not a new monetary policy, but rather to address financial panics. And that's what we did in 2008 and 2009. And it's a difficult task. But I think going forward the Fed needs to think about financial stability and monetary economic stability as being in some sense the two key pillars of what the central bank tries to do. And so we will obviously be working very hard on our financial stability. We'll be using our regulatory supervisory powers. We'll be trying to strengthen the financial system. And if necessary, we'll adjust monetary policy as well. But I don't think that's the first line of defense.