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"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."
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"Every book has to wait for the right time to be read and understood."
"Devote yourself to reading of Scriptures."
"There is only a perspective seeing, only a perspective "knowing"; and the more affects we allow to speak about one thing, the more eyes, different eyes, we can use to observe one thing, the more complete will our "concept" of this thing, our "objectivity," be."
"Life is all about discovery."
"Knowledge is invariably a matter of degree: you cannot put your finger upon even the simplest datum and say this we know."
Explore more quotes by Timothy Geithner
"Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through."
"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."
"It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to be competitive. It is not a viable, feasible strategy, and we will not engage in it."
"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."
"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."
"The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy."
"Most consequential choices involve shades of gray, and some fog is often useful in getting things done."
"The recognition that things that are not sustainable will eventually come to an end does not give us much of a guide to whether the transition will be calm or exciting."
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