Nobel laureates talk to media ahead of ceremony

(7 Dec 2022) ASSOCIATED PRESS Stockholm - 7 December 2022 ++AUDIO AS INCOMING++ 1. Wide of news conference 2. Mid of journalist asking question 3. SOUNDBITE (English) Ben Bernanke, 2022 Nobel laureate in economic sciences: “I think my contribution over the years has been to show that what happens to the financial system has tremendous consequences for the economy as a whole. So my original work was on the crisis of the Depression and how it affected employment and output in the 1930s. And then of course, I had a very close-up look to the 2008 crisis, which I expected would have a very severe effect on the U.S. and global economies at that time, which in fact it did. So I think the key lesson, first of all, is that it's very important not to let financial crises spiral out of control and have tremendously adverse effects on the real economy.” 4. Wide of conference 5. SOUNDBITE (English) Ben Bernanke, 2022 Nobel laureate in economic sciences: “I think there's a lot more to be done there, in particular in the United States and in some parts of Europe, so-called shadow banks - those are banks, lending institutions which are not commercial officially chartered banks, which do not have the same requirements or regulation as banks - were actually a big source of the crisis. But they have not been nearly as regulated or overseen as the regular commercial banking system. I think that's still a weakness in the United States, and my sense is that even though the shadow banking system is smaller in Europe, that it's also a problem.” 6. Wide of conference 7. SOUNDBITE (English) Carolyn Bertozzi, 2022 Nobel laureate in chemistry: “It's a tremendous honour for me to sit here among these incredible scientists. And I'm glad that there is one woman among us. As it happens, there are five female chemistry Nobel laureates who are living and four of the five are here in Stockholm this week. And the four of us were awarded Nobel Prizes just within the last three years. So I think that's a very positive trend and I'm deeply honoured to be among the four that are here and among the five that are alive today.” 8. Mid of Nobel laureates Bernanke, Douglas Diamond and Philip Dybvig 9. Wide of news conference finishing STORYLINE: The 2022 Swedish Nobel laureates in chemistry and economic sciences held a news conference on Wednesday ahead of Saturday’s award ceremony in Stockholm. Ben Bernanke, who ran the United States federal reserve between 2006 and 2014, received the economics award for research into banking and financial crises. Addressing journalists ahead of the weekend's award ceremony, he warned of the danger of so-called shadow banks, saying they were not “nearly as regulated or overseen as the regular commercial banking system.” Shadow banks are financial institutions - such as hedge funds - that handle trillions of dollars, but are not bound by the same rules as banks. The Nobel prize winner in chemistry, Stanford University chemist Carolyn Bertozzi, said she was honoured to have been awarded the prize, particularly as she joined a number of other recent female laureates in chemistry. "I think that's a very positive trend and I'm deeply honoured to be among the four (female laureates) that are here and among the five that are alive today," she said. The awards are always handed out on Dec. 10, the anniversary of Swedish scientist Alfred Nobel’s death in 1896. The prize includes a diploma, a gold medal and a monetary award of 10 million Swedish kronor (about $967,000). AP video by Liv Stroud =========================================================== Find out more about AP Archive: http://www.aparchive.com/HowWeWork Twitter:   / ap_archive   Facebook:   / aparchives   ​​ Instagram:   / apnews   You can license this story through AP Archive: http://www.aparchive.com/metadata/you...