A Quote by Henry Paulson
Well, as you know, we're working through a difficult period in our financial markets right now, as we work off some of the past excesses. But the American people can remain confident in the soundness and the resilience of our financial system.
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The Federal Reserve has a responsibility to ensure the safety and soundness of financial institutions and to contain systemic risks in financial markets.
A lot has been done to improve safety and soundness and confidence in financial markets and financial institutions, a lot of which was necessary.
This country, of course, needs fundamental reform of our financial regulatory system, as I, and many other financial institution executives, have publicly advocated for a considerable period.
You can't look back at the worst financial crisis of our lifetimes that started in 2008 and not have some important lessons about the critical nature of oversights in financial markets and institutions.
Some of these biggest financial institutions are out there trading in commodities. They're buying oil tankers. This is not a financial system that has calmed down and is there to serve the American people.
Taxing financial markets, promoting research and development, and mobilising investments: that means learning our lessons from the financial market crisis and changing our focus.
Financial markets are supposed to swing like a pendulum: They may fluctuate wildly in response to exogenous shocks, but eventually they are supposed to come to rest at an equilibrium point and that point is supposed to be the same irrespective of the interim fluctuations. Instead, as I told Congress, financial markets behaved more like a wrecking ball, swinging from country to country and knocking over the weaker ones. It is difficult to escape the conclusion that the international financial system itself constituted the main ingredient in the meltdown process.
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.
To restore confidence in our markets and our financial institutions so they can fuel continued growth and prosperity, we must address the underlying problem. The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy.
I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible.
The banks, because of mismanagement, because of huge risk taking, are now in very vulnerable positions. We can expect that we're gonna have to do more to shore up the financial system. We also are gonna have to make sure that we set up financial regulations so that not only does this never happen again, but you start having some sort of - trust in how the credit markets work again.
Kevin Freeman has been warning America’s leadership of the dangers of financial terrorism for the last three years. It is happening now and Kevin provides the evidence in his book Secret Weapon. Every American needs to understand how our financial markets have been manipulated by people who want to destroy the nation and how they can do even greater damage in the future. This book is a critical read for everyone.
When our financial system - essentially our money managers, marketers of investment products and stockbrokers - put up zero percent of the capital and assume zero percent of the risk yet receive fully 80% of the return, something has gone terribly wrong in our financial system.
There are two issues that people sometimes confuse, but they're very closely related. There is the strength and the stability of the American financial system. And it's very important that that system remain stable and remain strong and lending is very important to consumers. Secondly, the economy. And what has gone on in financial system is impacting the economy. And as the economy is turning down, it is very important that lending continue to be available and be available to consumers. So what we're doing with this facility is to support - is to support consumer lending.
What built America's called the American system, from Hamilton to Polk to Henry Clay to Lincoln to the Roosevelts. A system of protection of our manufacturing, financial system that lends to manufacturers, OK, and the control of our borders.
The current system is organized around financial values over life values. We need to shift that locus of power down to the community level because the financial markets recognize only money and thereby only financial values.
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