Financial System Quotes

#1. 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

#2. A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.

Janet Yellen

#3. The welfare state is collapsing all around us. There are people that realize that we can't go on this way, but I'm not sure how many people realize how close we are to the collapse of the U.S. financial system.

Rush Limbaugh

#4. When you hear the phrase "rescue the financial system," translate it in your mind into "keep the debts on the books." They are trying to find a way for you (and debtor nations too) to keep paying and for the debt to keep growing.

Charles Eisenstein

#5. Defaulting on the nation's debt would be cataclysmic. The U.S. Treasury's Aaa rating is the one constant in the world's financial system. When times are bad anywhere on the planet, global investors flock to Treasury bonds because they know they will get their money back.

Mark Zandi

#6. The Libor system is structurally flawed. It is a major problem for our financial system and for the confidence in the financial system. We need to address it.

Ben Bernanke

#7. The financial system has been turned over to the Federal Reserve Board. That board administers the finance system by authority of a purely profiteering group. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money.

Charles A. Lindbergh

#8. Our mission, as set forth by the Congress is a critical one: to preserve price stability, to foster maximum sustainable growth in output and employment, and to promote a stable and efficient financial system that serves all Americans well and fairly.

Ben Bernanke

#9. Developing countries like Malaysia should have a say in changing the world financial system since we have faced the problems that it has caused.

Mahathir Mohamad

#10. The revival of the U.S. financial system after the crash of 2008 is arguably the Obama administration's biggest domestic policy success.

David Ignatius

#11. Hedge funds, private equity and venture capital funds have played an important role in providing liquidity to our financial system and improving the efficiency of capital markets. But as their role has grown, so have the risks they pose.

Jack Reed

#12. In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.

Timothy Geithner

#13. From opposing unfair trade deals to fighting for a fair financial system, Hillary Clinton has shown she puts working families first. She knows as president that her first job will be creating jobs for the middle class. I am proud to endorse her today because I know she will keep Ohio moving forward.

Sherrod Brown

#14. Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education.

Ben Bernanke

#15. You know, I have more than enough to do without having to worry about the financial system.

Barack Obama

#16. If women had better access to the financial system - even so much as a basic deposit account at a bank - it would be a major step in the direction of greater wealth and greater economic empowerment.

Sri Mulyani Indrawati

#17. Among other objectives, liquidity guidelines must take into account the risks that inadequate liquidity planning by major financial firms pose for the broader financial system, and they must ensure that these firms do not become excessively reliant on liquidity support from the central bank.

Ben Bernanke

#18. Our current way of regulating the financial system is dysfunctional. Oversight is dispersed among numerous confusing bodies that at times have seemed to be racing each other to the bottom. Setting up One Big Regulator would end that problem.

Thomas Frank

#19. We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.

Lawrence Summers

#20. For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

Henry Paulson

#21. Just as Wall Street needs to break the hold of the bonus culture, which drives risk-taking that is rational for individuals but damaging to the financial system, so science must break the tyranny of the luxury journals. The result will be better research that better serves science and society.

Randy Schekman

#22. We have got to change our ethics and our financial system and our whole way of understanding the world. It has to be a world in which people live rather than die; a sustainable world. It could be great.

Vivienne Westwood

#23. The free enterprise system has not failed; the financial system has failed.

Tony Blair

#24. The financial system in its current condition poses an existential threat to Western democracy far exceeding any terrorist threat.

John Lanchester

#25. A lot of the evil in the world is actually not intentional. A lot of people in the financial system did a lot of damage without intending to.

George Soros

#26. When Hillary Clinton talks about adding more restrictions and complexity to our financial system, as she did in her economic policy speech, it shows how clueless she is about how the economy actually works.

Carly Fiorina

#27. Our financial system is so complicated and so interactive - so many different markets in different countries and so many sets of rules.

Ben Bernanke

#28. We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.

Ben Bernanke

#29. The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.

Elizabeth Warren

#30. Deflation can be particularly dangerous when a financial system is shaky, with household and corporate balance sheets in poor shape and banks undercapitalized and heavily burdened with bad loans.

Ben Bernanke

#31. The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.

Ben Bernanke

#32. I don't feel so strongly against remakes, but if I don't like it, I guess I just don't do it. It is what it is. Hollywood is driven by the financial system, so if they think that it has a brand and people are going to go see it because it's a recognizable property, they're going to remake it.

James Wan

#33. The world economy is in a nosedive, and understanding what I call "depression economics" - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst.

Paul Krugman

#34. I do sense that the financial system is under the gun. In order to keep our system and economies moving globally, there's the need to extend new money.

Henry Kaufman

#35. Today, even small entities that trade complex instruments or are granted sufficient leverage can threaten the global financial system.

Paul Singer

#36. If the financial system collapses, it's really, really hard to put it back together again.

Henry Paulson

#37. 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

#38. We must see that it is foolish, sinful and suicidal to destroy the health of nature for the sake of an economy that is really not an economy at all but merely a financial system, one that is unnatural, undemocratic, sacrilegious, and ephemeral.

Wendell Berry

#39. No country can be complacent in making sure that excessive debt of the household doesn't create excesses and weaknesses in the financial system. Everything is interconnected.

Nouriel Roubini

#40. I no longer care about the financial system. I gave them my roadmap. OK? Thanks, bye. I've no idea what's going on. I'm disconnected. I'm totally disengaged.

Nassim Nicholas Taleb

#41. The economic costs, the financial costs, the job losses, the income losses, the fiscal costs of bailing out financial system are becoming larger and larger.

Nouriel Roubini

#42. It is the policy of the federal government to use all resources at its disposal to make our financial system stronger.

Henry Paulson

#43. 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

#44. The global financial system consists of firms in the financial services sector - banks, hedge funds, insurance companies and the like - and various governmental agencies who are charged with regulating these firms.

John L. Casti

#45. Charlie and Jamie had always sort of assumed that there was some grown-up in charge of the financial system whom they had never met; now, they saw there was not.

Michael Lewis

#46. The real fight is the fight of software developers, of the people who have been writing the software of the financial system. We call on them, in order for them to do what Wikileaks has done in the field of information. Decommission, rewrite, and change the course of the future.

Anonymous

#47. The main message of Climate Revolution is that climate change is caused by the rotten financial system we've got, designed to create poverty and rip off any profits for a small amount of rich people. Meanwhile, it destroys the earth.

Vivienne Westwood

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

Michael Lewis

#49. On balance, the financial system subracts value from society

John C. Bogle

#50. [Al-Qaeda's supporters] are aware of the cracks in the Western financial system as they are aware of the lines in their own hands

Osama Bin Laden

#51. The confidence of the entire global financial system rests on the U.S. dollar. Confidence in the dollar rests on the solvency of the Fed's balance sheet. And that solvency rests on a thin sliver of . . . gold.

James Rickards

#52. Central banking has become the new central planning. Under the old central planning, government attempted to manage production and the supply of goods and services. Under the new central planning, the Fed attempts to manage the financial system and the supply and allocation of credit.

Anonymous

#53. Europe's financial system is fragmented, although the gap in funding costs for banks within the euro area is no longer as wide as it was two years ago. But in lending the differences are still very large, and in some countries the credit flow is disrupted.

Mario Draghi

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

George Soros

#55. We had a mission at PayPal - which was to create a new financial system, a new world currency, and we failed. We were a financial success, but we didn't succeed at the purpose of our company.

Luke Nosek

#56. Best definition of "investing" is "gambling with the odds in your favor." The people on the short side of the subprime mortgage market had gambled with the odds in their favor. The people on the other side - the entire financial system, essentially - had gambled with the odds against them.

Michael Lewis

#57. As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.

Ben Bernanke

#58. 'Bush v. Gore' gave us a president who lost the popular vote, eventually appointed two more justices, and led us into a war of choice while failing to regulate a financial system dependent on toxic mortgage-backed derivatives.

Marvin Ammori

#59. 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

#60. War has generally had grave and fateful consequences for the American monetary and financial system. We have seen that the Revolutionary War occasioned a mass of depreciated fiat paper, worthless Continentals, a huge public debt, and the beginnings of central banking in the Bank of North America.

Murray Rothbard

#61. From my point of view, the American financial system - including banks and investment banks - is far safer because of capital and liquidity requirements. Despite all the turbulence so far this year, I don't think anyone's questioning our system. And that, obviously, is a good thing.

Jamie Dimon

#62. The Bankers' New Clothes makes a simple, powerful argument: that banks need to raise more capital. It is entirely persuasive that the extent of their leverage makes the financial system fragile, and it clearly and patiently demolishes all the counter-arguments made by the banks and their lobbyists.

Diane Coyle

#63. Well, as you know, we're working through a difficult period in our financial markets right now as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system.

Henry Paulson

#64. 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

#65. We may be in a rapidly evolving international financial system with all the bells and whistles of the so-called new economy. But the old-economy rules of prudence are as formidable as ever. We violate them at our own peril.

Alan Greenspan

#66. The financial system as a whole has had the characteristics of a Ponzi scheme if we look at it fundamentally.

Tim Lee

#67. To prosper and advance, the American business sector is going to need a financial system oriented toward business, not 'home ownership.'

Edmund Phelps

#68. 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

#69. 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

#70. In early October 2008, after the U.S. government had stepped in to say it would, in effect, absorb all the losses in the financial system and prevent any big Wall Street firm from failing, Burry had started to buy stocks with enthusiasm, for the first time in years.

Michael Lewis

#71. Some of these biggest financial institutions are out there trading in commodities. They're buying oil tankers. This is not a financial system that has calmed down and is there to serve the American people.

Elizabeth Warren

#72. It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

Jamie Dimon

#73. Nothing is costed properly and it's destroying the earth. We need to re-educate people that what is good for the planet is good for the financial system.

Vivienne Westwood

#74. If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.

Manmohan Singh

#75. President Obama has a good sense not just of the economic requisites for financial crisis firefighting but also how you build political support for moving forward on reforming the financial system, making sure that the banks are carrying enough capital.

Lael Brainard

#76. The U.S. will lose its status as the superpower of the world financial system. The world will become multi-polar.

Peer Steinbruck

#77. In Eisman's view, the unwillingness of the U.S. government to allow the bankers to fail was less a solution than a symptom of a still deeply dysfunctional financial system.

Michael Lewis

#78. Like it or not, we have to have a financial system that is healthy and functioning.

Barack Obama

#79. 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

#80. 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

#81. Our financial system is a false one and a huge burden on the people . . . This Act establishes the most gigantic trust on earth." - Congressman Charles Augustus Lindbergh, Sr.

Eustace Mullins

#82. In my opinion, the United States and many Western nations have a financial disaster coming, caused by our educational system's failure to adequately provide a realistic financial education program for students.

Robert Kiyosaki

#83. At Mint, we developed five pending patents on our technology, ranging from categorization to the Ways to Save system that calculates how much a new financial product would save a user given their present financial situation.

Aaron Patzer

#84. Westerners who go native with Chinese ideas are called 'eggs' - outside white, inside yellow -, and are often systematically excluded from their expat community's activities, let alone the financial support system.

Thorsten J. Pattberg

#85. Nearly everything possible had been done to spoil the game: the heavy financial interest; the absurd transfer and player-selling system; the lack of any birth or residential qualifications; the absurd publicity given to every feature of it by the press; the monstrous partisanships of the crowds.

J.B. Priestley

#86. 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

#87. As I discovered, there is a great deal of similarity between a boom-bust process in the financial markets and the rise and fall of the Soviet system.

George Soros

#88. We developed at the local school district level probably the best public school system in the world. Or it was until the Federal government added Federal interference to Federal financial aid and eroded educational quality in the process.

Ronald Reagan

#89. 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

#90. Here's the bottom line: The secret world of intelligence
at least in the United States of America
represents everything wrong with the government, the industrial era, our financial-economic system, and our ethics.

Robert David Steele

#91. Many Osage, unlike other wealthy Americans, could not spend their money as they pleased because of the federally imposed system of financial guardians.

David Grann

#92. Does a population have informed consent when that population is not taught the inner workings of its monetary system, and then is drawn, all unknowing, into economic adventures?

Frank Herbert

#93. But our system of regulation must keep up with this. If it fails to keep up, it will hold back economic expansion. We need financial market regulation that works at national and European level.

John Bruton

#94. The current system is organized around financial values over life values. We need to shift that locus of power down to the community level because the financial markets recognize only money and thereby only financial values.

David Korten

#95. Our present tax system ... exerts too heavy a drag on growth ... It reduces the financial incentives for personal effort, investment, and risk-taking ... The present tax load ... distorts economic judgments and channels an undue amount of energy into efforts to avoidtaxliabilities.

John F. Kennedy

#96. Mr. Chairman, when the Fed was passed, the people of these United States did not perceive that a world system was being set up here ... and that this country was to supply the financial power to an international superstate.

Louis Thomas McFadden

#97. When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker.

Marc Faber

#98. When you make a movie outside the system and it's successful critically or a moderate financial success, you usually have to go back into the system and make a big hit.

Brian De Palma

#99. 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

#100. The process of globalization has now interconnected almost everything ranging from financial markets to transport networks to communication systems in a huge system that no one really understands.

John L. Casti