“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.”
— Timothy Geithner
Author: Timothy Geithner
Category: knowledge
Tags: knowledge, Timothy Geithner
“There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.”
— Timothy Geithner
Author: Timothy Geithner
Category: money
Tags: money, Timothy Geithner
“We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households.”
— Timothy Geithner
Author: Timothy Geithner
Category: failure
Tags: failure, Timothy Geithner