Quotes About Financial crisis

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.

We need financial regulation that allows businesses and the banks they use to have access to the tools that help keep prices of consumer goods - like groceries and home heating oil - steady, while ensuring that the taxpayers are never again on the hook for the types of wild bets that helped crash the economy in 2008.

The middle class is teetering on the brink of collapse just as surely as AIG was in the fall of 2009 - only this time, it's not just one giant insurance company (and its banking counterparties) facing disaster, it's tens of millions of hardworking Americans who played by the rules.

In September 2008, the overleveraged and undermanaged U.S. banking system suffered a terrifying collapse. And that, in turn, nearly took the whole country down.

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.

By the end of 2007, UK household debt had reached 177% of disposable income, mortgage debt 132%. Martin Wolf wrote in the Financial Times in September 2008

The prospect of default hurt the Morgan bank in London but nearly collapsed the august Barings

As the panic deepened, Rockefeller refused to release collateral despite Corrigan's pleas that he could use his lake vessels to raise additional money.

Morgan decided that it was hopelessly insolvent and had to be shut.

The 1907 panic would be the last time that bankers loomed so much larger than regulators in a crisis.

It means disaster to the country, financial depression, and chaos.

Know what happens when an individual declares bankruptcy and how it affects his or her life.

When the biggest, richest, glassiest buildings in town are the banks, you know that town's in trouble.

It's hard to punish and save the banks at the same time.

No one suggested Lehman deserved to be saved. But the argument has been made that the crisis might have been less severe if it had been saved, because Lehman's failure created remarkable uncertainty in the market as investors became confused about the role of the government and whether it was picking winners and losers.

The runs started in Thailand after the IMF intervened in such a dramatic way. Then the IMF came to Indonesia.

Lawrence Summers, now the U.S. Treasury secretary , told The Wall Street Journal after the crash, "The efficient market hypothesis is the most remarkable error in the history of economic theory.

For the same reason a disease cannot be cured by more of the germ that caused it, the inflation and debt accumulation of the Obama years will not inflate our way out of it.

We conclude this financial crisis was avoidable," declared, in 2011, the commission charged with investigating the 2007–2008 financial cataclysm. That event caused more people to take their own lives in the United States than the 9/11 terrorist attacks caused casualties. It triggered what would be considered a humanitarian crisis in any African or Middle Eastern country, as millions of Americans, forced out of their homes, became internally displaced people.

The 2008 collapse in housing prices had the same cause: unlimited unsound loans to create highly leveraged borrowers.

What people don't realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out - they just exchanged their bad loans for questionable bonds from quasi-state organizations.

Why are we in this mess, now facing the prospect of economic armageddon? It's because the prevailing characteristic has been greed, and it doesn't matter whether it's individuals living beyond their means or governments living beyond their means or people seeking to get rich quick.

So how does the machine work that you have a financial crisis? How does deleveraging work - what is the nature of that machine? And what is human nature, and how do you raise a community of people to run a business?

The financial and economic crash of 2008, the worst in over 75 years, is a major geopolitical setback for the United States and Europe.