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
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
Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, its better to prepare for war or instability. – Timothy Geithner
I personally believe that theres going to be a good case for the government preserving some type of guarantee to make sure that people have the ability to borrow to finance a house even in a very damaging recession. I think theres going to be a good case for that. – Timothy Geithner
We have that illusion that we are deciding what to make a character do, in order to convey our message or something like that. But, at least in my experience, you are often more like a river-rafting guide whos been paid a bonus to purposely steer your clients into the roughest possible water. – George Saunders