Financial Crisis In Quotes

#1. The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War.

Alan Greenspan

#2. I'd thought it strange, after the financial crisis, in which Goldman had played such an important role, that the only Goldman Sachs employee who had been charged with any sort of crime was the employee who had taken something from Goldman Sachs.

Michael Lewis

#3. September and October of 2008 was the worst financial crisis in global history, including the Great Depression,

Ben Bernanke

#4. With the lessons taken from the financial crisis in 1997, the Republic of Korea has been able to surmount the global economic crisis rather successfully.

Lee Myung-bak

#5. The financial crisis in our country is not a passing storm. Given the size of the problems, our national effort will not be completed in 2012. It will take many years and will require the efforts and insistence of several governments.

Lucas Papademos

#6. I was a professor at Princeton University. And, in that capacity, I studied for many years the role of financial crisis in the economy.

Ben Bernanke

#7. With same day loans, you can easily acquire immediate funds, so as to deal with any short term financial crisis. These loans are unsecured in nature and can be applied for even by those with serious credit disputes.

Markus Skupeika

#8. This is the permanent tension that lies at the heart of a capitalist democracy and is exacerbated in times of crisis. In order to ensure the survival of the richest, it is democracy that has to be heavily regulated rather than capitalism.

Tariq Ali

#9. The global crisis is caused by pathologies inherent in the global financial system itself.

George Soros

#10. Let us not forget, the financial crisis had its roots in the decision by Congress to embark on a course of social justice to get everyone that wanted a home into one, regardless of whether or not they could afford it.

Ed Royce

#11. I really do believe the final act in play is a crisis in our financial institutions, which are doing such dumb, dumb things,

Michael Lewis

#12. Germans longed to be near shit, but not in it. This, as it turns out, is an excellent description of their role in the current financial crisis.

Michael Lewis

#13. Being a person that others can trust is one of the most sought after qualities in the workplace today. So many leaders and their staff have shown in the recent global financial crisis a lack of trust and integrity amongst themselves and with their clients and other stakeholders.

Nigel Cumberland

#14. There are no atheists in foxholes or ideologues in a financial crisis. Ben Bernanke

Andrew Ross Sorkin

#15. I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.

Ben Bernanke

#16. The techniques that were used in the 1930s to reset the economy will simply not work today. Gordon L. Eade

Kenneth Eade

#17. The Obama administration's large and sustained increases in debt raise the specter of another financial crisis and large future tax increases, further chilling business investment and job creation.

Glenn Hubbard

#18. Systematic research supports the message of these cases. As noted in an article in the New York Times, even in the most extreme circumstances - like the financial crisis - directors bore little consequence for their poor decisions.

Jeffrey Pfeffer

#19. The times are too difficult and the crisis too severe to indulge in schadenfreude. Looking at it in perspective, the fact that there would be a financial crisis was perfectly predictable: its general nature, if not its magnitude. Markets are always inefficient.

Noam Chomsky

#20. The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007.

James Surowiecki

#21. The current financial crisis calls out for new products and services as well as more, not less, information about what is safe and profitable in the future environment.

Jeremy Siegel

#22. Not every financial company toppled during the 2008 crisis, and some seized the opportunity to take advantage of weaker competitors in the midst of the tumult.

James C. Collins

#23. Pope Benedict XVI was the first to predict the crisis in the global financial system ... Italian Finance Minister Giulio Tremonti said.

Michael Lewis

#24. Weakness will persist in part because of the vast amounts of debt governments took on during and after the financial crisis.

Anonymous

#25. The current financial crisis makes it very clears that the system that we have isn't really working, and this is the right time for us to undo things and build them in a new way.

Muhammad Yunus

#26. Soon after the financial crisis of 2008, I was at a meeting in Washington with a group of U.S. senators. They had invited me to provide a point of view on new regulation; regulation aimed at ensuring we never have to go through the events of 2008 ever again.

Bob Diamond

#27. The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

Ben Bernanke

#28. Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933.

Ben Bernanke

#29. Because we [the USA] are so powerful, our failures resonate more. In some ways, the worst victims of our institutional and elite failures, through the ripple effect of financial crisis and war, aren't Americans.

Chris Hayes

#30. There was a clarity to the Nineties. It was pre-9/11, before that anxiety kicked in that exists right now about the financial crisis or terrorism. We were all just going to move forward into the millennium and everything was always going to get better. Then, whoops, that didn't happen.

Carrie Brownstein

#31. By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.

Paul Krugman

#32. The truth is, I can't help the way people perceive anything, from the role of financial industry in the economic crisis, to the place of women's fiction in the canon of modern literature, to the rank of mint chocolate chip ice cream as a favorite Baskin-Robbins flavor.

Erin Duffy

#33. The moral angle to the foreclosure crisis - and, of course, in capitalism we're not supposed to be concerned with the moral stuff, but let's mention it anyway - shows a culture that is slowly giving in to a futuristic nightmare ideology of computerized greed and unchecked financial violence.

Matt Taibbi

#34. It is easier to invest for cash flow during a financial crisis. So don't waste a good crisis by hiding your head in the sand. The longer the crisis lasts, the richer some people will become.

Robert Kiyosaki

#35. If there had been a Financial Product Safety Commission in place 10 years ago, the current financial crisis would have been averted.

Elizabeth Warren

#36. ...Laying blame for the global financial crisis on any single individual, let alone on an eighty-three year old man, seems as ethically flawed as some of the broader moral failures permeating society in the lead-up to the crisis.

Jeremy Balkin

#37. If we are really serious about preventing another crisis like the 2008 meltdown, we should simply ban complex financial instruments unless they can be unambiguously shown to benefit society in the long run.

Ha-Joon Chang

#38. 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

#39. Veterans are driven by the same frustrations that the public has with what is happening in Washington ... the fiscal irresponsibility and the financial crisis that our country is facing.

Pete Hegseth

#40. There has been a banking crisis, a financial crisis, an economic crisis, a social crisis, a geostrategic crisis and an environmental crisis. That's considerable in a country that's used to being protected.

Jean-Francois Cope

#41. Here you can shoot the bad guys,' a mercenary says in Baghdad. 'In America we give them corporate bonuses.

Michael Robotham

#42. It is important that we note the weaknesses in our financial system, and work toward implementing solutions before the next crisis comes. Gordon L. Eade

Kenneth Eade

#43. Hedge funds have made massive leveraged credit bets, knowing that their upside is billions in fees and their downside is millions in fees.

Janet M. Tavakoli

#44. We need to ensure the poorest in the planet - who will be hardest hit by the financial crisis - are not forgotten.

Kofi Annan

#45. The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system, especially since the 2008 financial crisis. Jim Rickards is a natural teacher. Any serious student of financial crises and their root causes needs to read this book.

John H. Makin

#46. The United States is much further along because its financial crisis struck three years before Europe's, in 2008, causing headwinds that have pressured it ever since.

Roger Altman

#47. She [Carolyn Maloney] knows the financial issues, that's why we thought she was perfect because we're in a - we're in, as you know, a financial crisis, an economic crisis, and I know that she'll see the whole picture.

Eleanor Smeal

#48. While the financial crisis destroyed careers and reputations, and left many more bruised and battered, it also left the survivors with a genuine sense of invulnerability at having made it back from the brink. Still missing in the current environment is a genuine sense of humility.

Andrew Ross Sorkin

#49. In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeowners and firms did attempt to increase savings in financial assets by reducing expenditure on durables.

Dale T. Mortensen

#50. Asean is obviously a very important association for us. Over the past 30 years Asean has made great strides in regional cooperation covering a number of areas, although recently it has been under strain because of the financial crisis and other challenges.

Hassanal Bolkiah

#51. President Obama has basically avoided or not done any attempt to intervene in any positive way in the housing market. I think in the financial crisis that's been a shame.

Glenn Hubbard

#52. In 2008, when the global financial crisis struck, it was a bad year for a lot of developing countries, and it manifested itself in consumer confidence.

Adi Godrej

#53. Capitalism has become systemically risky when a single financial algorithm like the one that David X. Li created brought the entire global economic system close to collapse in 2008.

Said Elias Dawlabani

#54. During the Asian financial crisis the United States and other Western countries demanded that the Asians take three steps
let bad banks fail, keep spending under control, and keep interest rates high. In it own crisis, the West did exactly the opposite on all three fronts.

Fareed Zakaria

#55. We urge the Department of Justice to carefully investigate and aggressively prosecute all senior bank officials who participated in manipulating the London interbank offered rate throughout the financial crisis.

Peter Welch

#56. What we call a financial crisis is really at its core a crisis of management, and not just a crisis of management, but a crisis of management culture ... In other words, what you had is a detachment of people who know the business from people who are running the business.

Henry Mintzberg

#57. President Obama inherited a broken country mired in two wars, a financial crisis, a mortgage mess and more than we all probably even know about and has in my opinion brought us back from the brink. But I still see my friends in no better shape and the gap widening.

Don Cheadle

#58. Because of the way society sets them up, women never again experience the need to develop independence - until some crisis in later life explodes their complacency, showing them how sadly helpless and undeveloped they've allowed themselves to be.

Colette Dowling

#59. Fortunately, when Korea was struck by the 1997/8 financial crisis, that was a good opportunity for us to engage in fundamental reforms and strengthen our financial structure. As a result, our financial regulatory structure and regime have been very much strengthened.

Lee Myung-bak

#60. Increasing access to federal student loans has been a bipartisan effort in Washington, one that I have supported. But it has created what many experts believe is a bubble in higher education, not unlike the housing bubble that preceded the financial crisis.

Marco Rubio

#61. Like the effects of industrial pollution and the new system of global financial markets, the AIDS crisis is evidence of a world in which nothing important is regional, local, limited; in which everything that can circulate does, and every problem is, or is destined to become, worldwide.

Susan Sontag

#62. The Tea Party was born out of the disgust many Americans felt early in the financial crisis upon learning that the federal government was even contemplating reducing the principal on some troubled mortgages.

Mark Zandi

#63. The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes.

Ben Bernanke

#64. I foresaw the financial crisis. I get messages in my sleep, in pictures and words. I understood that I have a mission and a role in ensuring human existence. I received a message that people would soon start to go crazy.

Shari Arison

#65. The prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished.

James Buchan

#66. The motto of the old order in the City of London was, 'My word is my bond,' but the financial crisis revealed a culture quite alien to that heritage. The stewards of people's money were revealed to have been speculators with it.

Gordon Brown

#67. These public-private partnerships are very, very dangerous. The most rotten part of the financial system in the US consisted of the government sponsored entities. They really kicked off this crisis. The state should set the rules and enforce them but not become involved as a market player.

George Soros

#68. Most cases, I would say, in a huge amount of cases, countries that have worked with us and have used our financial facilities have come out quick ... more quickly and in a better shape from a crisis than would have come out otherwise.

Rodrigo Rato

#69. I think we will have continuing danger from these markets and that we will have repeats of the financial crisis - [they] may differ in details but there will be significant financial downturns and disasters attributed to this regulatory gap, over and over, until we learn from experience

Brooksley Born

#70. The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions.

Ben Bernanke

#71. The housing and financial crisis could not have occurred in the absence of government housing and monetary policies.

Sheldon Richman

#72. Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system.

Timothy Geithner

#73. No one should have to choose between medicine and other necessities. No one should have to use the emergency room every time a child gets sick. And no one should have to live in constant fear that a medical problem will become a financial crisis.

Brad Henry

#74. You know what's truly weird about any financial crisis? We made it up. Currency, money, finance, they're all social inventions. When the sun comes up in the morning it's shining on the same physical landscape, all the atoms are in place.

Bruce Sterling

#75. Thus the only Goldman Sachs employee arrested by the FBI in the aftermath of a financial crisis Goldman had done so much to fuel was the employee Goldman asked the FBI to arrest.

Michael Lewis

#76. It took us years to get into the mess that we got ourselves in at the end of 2008, and it's going to take a while to get us out. We lost eight million jobs, we saw a financial system near collapse, we have a continuing housing crisis that we're making progress on dealing with.

Robert Gibbs

#77. I take great pride in having been able to overcome the Asian financial crisis and seeking the opportunities available to bring about an unprecedented growth in the economy.

Zhu Rongji

#78. The details of what the Fed did were kept secret until a provision in the Dodd-Frank Act that I sponsored required the Government Accountability Office to audit the Fed's lending programs during the financial crisis.

Bernie Sanders

#79. Institutions of the newer participants in global finance had not been tested, until recently ... recent crisis have underscored certain financial structure vulnerabilities that are not readily assuaged in the short run.

Alan Greenspan

#80. Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.

Seth Klarman

#81. I only wanted to be a good employee who generated as much profit as possible for his employer. I was merely a small cog in the machine - and now I'm suddenly supposedly the main person responsible for the financial crisis.

Jerome Kerviel

#82. I started out in public service in 1998 after the Asian financial crisis of '97.

Benigno Aquino III

#83. The global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones.

Nouriel Roubini

#84. We are in a situation with the huge stimulus package that's going to be spent all across this nation and a big financial crisis and banking crisis. And what we need is good, trained journalists who can play the role of watchdog.

Walter Isaacson

#85. The financial crisis is a stark reminder that transparency and disclosure are essential in today's marketplace.

Jack Reed

#86. I'm quite worried about the fiscal imbalances that we've got and what that might mean in terms of financial crisis ahead.

Bill Gates

#87. Combining valuable insights from his experience in China, his time as the World Bank's chief economist, and the 2008 financial crisis, Justin Yifu Lin's recommendations for development policy reflect an impressive and unique personal journey.

Kemal Dervis

#88. Financial illiteracy is like being in a rain storm and trying to jump in between the raindrops ... eventually it all catches you at the same time.

Johnnie Dent Jr.

#89. On Wall Street, financial crisis destroys jobs. Here in Washington, it creates them. The rest is just details.

Timothy Noah