A Quote by Ben Bernanke
I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.
Related Quotes
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
In the financial markets I find it easy to predict what will happen and very difficult to predict when it will happen. I think that things were clear during the bubble as to what would happen eventually.
The housing and financial crisis could not have occurred in the absence of government housing and monetary policies.
The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices.
The financial crisis of 2008 created a seismic shift in the dynamics of trust in financial services. FinTech would have happened without the global financial crisis - but it would have taken much longer.
At the center of every recession is a serious imbalance in the economy and mirrored in the financial system. Think subprime mortgage and the Great Recession, or the technology bubble and the early 2000s recession. There are no such imbalances today.
One of the very difficult parts of the decision I made on the financial crisis was to use hardworking people's money to help prevent there to be a crisis.
The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.
The President [Barack Obama], I think if you look at it from his shoes, you know, was facing a very difficult situation where he had to own Washington, tame New York, save a collapsing economy, with a collapsed financial system. He moved, I think, to a team that he felt was tried and true, in terms of dealing with financial crisis. That was his decision.
I don't see (subprime mortgage market troubles) imposing a serious problem. I think it's going to be largely contained.
It is very difficult to predict when a bond crisis could happen.
The Libor system is structurally flawed. It is a major problem for our financial system and for the confidence in the financial system. We need to address it.
We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.
The relationship between the public and the artist is complex and difficult to explain. There is a fine line between using this critical energy creatively and pandering to it.
The times are too difficult and the crisis too severe to indulge in schadenfreude. Looking at it in perspective, the fact that there would be a financial crisis was perfectly predictable: its general nature, if not its magnitude. Markets are always inefficient.
The Treasury's plan has little for those outside of the financial industry. It is aimed at rescuing the same financial institutions that created this crisis with the sloppy underwriting and reckless disregard for the risk they were creating, taking or passing on to others.
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