Quotes About Crisis

him Bear was in danger of not having the cash to meet its obligations

it became a truly deep recession only after the panic reached its peak, in September and October 2008.

Our emergency liquidity lending took many novel forms.

thereby serving as lender of last resort.

For much of the panic, the Fed alone, with its chewing gum and baling wire, bore the burden of battling the crisis.

Even as the financial panic subsided in 2009, the damage done by the crisis became increasingly apparent.

A quarter of homeowners would owe more on their mortgages than their homes were worth.

My gratitude was heartfelt. Our response to the crisis had been a team effort. But

courtyard. During the crisis I wished more than once that I could skip the office and sit with them for the day.

That's not the same as, or nearly as bad as, failing to raise the debt ceiling and defaulting on government debt.)

We wanted to act before we were forced to do so by a run.

I know it's hard to think of a $787 billion package as small, but its size must be compared with its objective of helping to arrest the deepest recession in seventy years in a $15 trillion U.S. economy.

Despite those tensions, the G-7 representatives were determined to work together. Too much was at stake for the group to leave Washington without at least the outlines of a coordinated response.

Lehman's condition was probably worse than reported at the time,

If a means of saving Lehman did exist, given the tools then available, we were not clever enough to think of it during those frenetic days.

that letting Lehman go was a choice rather than an unavoidable outcome.

which would lead to further weakening in housing,

We needed a more comprehensive solution to the crisis,

All this financial turmoil had direct consequences for Main Street America.

and he excelled at the diplomacy required of him by Europe's crisis.

Would it have been better for market confidence to have admitted that we were unable to save Lehman?

the Fed had only limited ability to help homeowners in trouble.

In that sense, a Lehman-type episode was probably inevitable.

We did everything we could think of to avoid it.