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"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."
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"To a homeless man, home is literally where the heart is."
"The appreciative smile, the chuckle, the soundless mirth, so important to the success of comedy, cannot be understood unless one sits among the audience and feels the warmth created by the quality of laughter that the audience takes home with it."
"This means that they are bound by law and custom to plough the fields of their masters, harvest the corn, gather it into barns, and thresh and winnow the grain; they must also mow and carry home the hay, cut and collect wood, and perform all manner of tasks of this kind."
"I'm the type who'd be happy not going anywhere as long as I was sure I knew exactly what was happening at the places I wasn't going to. I'm the type who'd like to sit home and watch every party that I'm invited to on a monitor in my bedroom."
Explore more quotes by Timothy Geithner
"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."
"This crisis is not simply a more severe version of the usual business cycle recession, the typical downturn in which economies ultimately adjust and stabilize."
"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."
"Although this crisis in some ways started in the United States, it is a global crisis. We bear a substantial share of the responsibility for what has happened, but factors that made the crisis so acute and so difficult to contain lie in a broader set of global forces that built up in the years before the start of our current troubles."
"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."
"The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move."
"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."
"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 rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe."
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