"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."
"The true sign of intelligence is not knowledge but imagination."Timothy Geithner on Albert Einstein
"Information is not knowledge."Timothy Geithner on Albert Einstein
"A people without the knowledge of their past history, origin and culture is like a tree without roots."Timothy Geithner on Marcus Garvey
"Knowledge of what is does not open the door directly to what should be."Timothy Geithner on Albert Einstein
"Ignorance is the curse of God knowledge is the wing wherewith we fly to heaven."Timothy Geithner on William Shakespeare
"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."
"I personally believe that there's 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 there's going to be a good case for that."
"And I think it's a prudent, responsible way, given the scale of the emergency, the scale of the damage still facing America, that we finance these additional support for the unemployed as well as the support for small business. We think there's a good case for doing it now. We want to do it in an overall fiscally responsible way."
"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."
"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, it's better to prepare for war or instability."