This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.
More Quotes from Timothy Geithner:
The rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe.Timothy Geithner
The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.
Timothy Geithner
The government can help, but we need to make this transition now to a recovery led by private investment, private.
Timothy Geithner
When policy-makers have already witnessed a significant move in asset values, and are confident in what that move means for the outlook, it should be prepared to adjust policy accordingly. The central bank must be responding to its assessment of what an already observed movement in asset prices will mean for output and inflation.
Timothy Geithner
But what we're determined to do, and what the reforms will do is to make sure this system goes back to its core purpose of taking the savings of Americans and from investors around the world and allocating those to people with an idea, not just the largest companies in the country, but to small businesses with an idea and a plan for growing.
Timothy Geithner
Although this crisis in some ways started in the United States, it is a global crisis. We bear a substantial share of the responsibility for what has happened, but factors that made the crisis so acute and so difficult to contain lie in a broader set of global forces that built up in the years before the start of our current troubles.
Timothy Geithner
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Ivan Pavlov
I went across the fields to avoid the straight highways, along the firing lines where people were shooting at a small wooded hill, which is now covered with wooden crosses and lines of graves instead of spring flowers.
Max Beckmann
Any woman can fool a man if she wants to and if he's in love with her.
Agatha Christie