2007 Bernanke versus 2008 Bernanke

Paul Kedrosky created word clouds for Ben Bernanke's 2007 and 2008 speeches in Jackson Hole. Here are the results. The larger a word appears the more often that word was used:

2007 Bernanke Speech

2008 Bernanke Speech


As Kedrosky notes, it's pretty obvious that Bernanke's focus has moved from concern about the housing market to concern about the financial system. Note that "inflation" finally makes an appearance, although tiny, in 2008. Also note the heavy use of regulators and regulation in 2008.