Quotes About Financial crisis

Well, Marx is having a comeback. I hear him mentioned a lot in terms of the global financial situation and the general sense of injustice out there. A lot of economic experts in America refer to him without actually using the M word, but he's around.

Most people heard about Bitcoin for the first time in the context of the Mt. Gox collapse. It is our Lehman Brothers.

He came to me in distress when his gold was gone. I counseled with him.

TARP] The strategy was a breakthrough intervention in the free market.

2009 was a tough year, but Australia rose to the challenge of the global financial crisis. It shows what can be done when we all join together and work together, governments of all persuasions state, territory and local; businesses large and small; unions and local communities right across the nation.

You don't know what hard times are, daddy. Hard times are when the textile workers around this country are out of work, they got 4 or 5 kids and can't pay their wages, can't buy their food. Hard times are when the autoworkers are out of work, and they tell 'em to go home.

There's only one thing you can do in bankruptcy: break your word, break your deals. It allows you to say to the small businesses, who have been catering lunches for you, 'Sorry, we're not paying you.' It allows you to go to the workers and say, 'Sorry, we're not paying you.'

It's not often one gets the chance to write this but, when it comes to the bailouts, especially the euro bailouts, Marxists are right. Working people are being forced to support a privileged few.

The World Bank is now the biggest culprit in the debt crisis.

I think Ben Bernanke and Tim Geithner shared the view that they shouldn't be in the business of bailouts, but you know, you're not in the business of bailouts until you frankly think you need to be.

We were at the stage where in a very short period of time, one of the world's biggest banks would have to shut the door and switch off the electricity.

There was a time when if you had a financial crisis in Southeast Asia somewhere, it had no impact on our markets. Today it does.

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.

Governments had socialized the liabilities of the core institutions of the global financial system.

Particularly when a prolonged period of peace and stability gives way to financial and/or military crisis, these entrenched patrimonial groups extend their sway, or else prevent the state from responding adequately.

The fact that large, solvent, heavily regulated banks would not lend to each other—or would lend to each other only at historically unprecedented interest rate premiums—and not lend to each other even overnight, was persuasive evidence, universally accepted by policymakers, that the crisis was essentially one of illiquidity.

By contrast, in a liquidity crisis only one creditor can save the debtor: the government. There is no competitive market that offers emergency loans during a liquidity crisis. This means that the government can dictate terms. It can also neglect the interests of other stakeholders or discriminate among them for political reasons. The risk of abuse is far higher than it is in a normal bankruptcy.

While the Fed is usually identified as the Lender of Last Resort (LLR) in the United States, the LLR function is actually shared by the Fed and FDIC.

Barney Frank wanted to know where the Fed was going to get the $85 billion to lend to AIG. I didn't think this was the time to explain the mechanics of creating bank reserves. I said, "We have $800 billion," referring to the pre-crisis size of the Fed's balance sheet. Barney looked stunned. He didn't see why the Fed should have that kind of money at its disposal.

had helped make the Depression as terrible as it was.

By that point, of course, subprime lending had already virtually ended.

I arrived in Washington as a quiet, reserved professor—with a research background that proved to be quite useful in the financial crisis.

the PDCF carried some stigma

were growing increasingly skeptical of Lehman's judgment of the value of its holdings.