A Quote by Henry Paulson
The Fed has neither the clear statutory authority nor the mandate to anticipate and deal with risks across our entire financial system.
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When large companies take on risk, then they impose risks on the rest of the system. And these are systemic risks and these systemic risks we never used to think were really that important, but as soon as we recognize how the financial sector - the risks the financial sector takes on can impact the entire global economy, we realize that those risks needed to be controlled for the social good.
In a financial crisis, only the Fed, as the lender of last resort, might stand between our economy and financial catastrophe. We must leave the Fed with the flexibility to provide liquidity in order to stop a financial panic.
If we suddenly plant our foot, and say, - I will neither eat nor drink nor wear nor touch any food or fabric which I do not know to be innocent, or deal with any person whose whole manner of life is not clear and rational, we shall stand still. Whose is so? Not mine; not thine; not his. But I think we must clear ourselves each one by the interrogation, whether we have earned our bread to-day by the hearty contribution of our energies to the common benefit? and we must not cease to tend to the correction of these flagrant wrongs, by laying one stone aright every day.
Neither science, nor the politics in power, nor the mass media, nor business, nor the law nor even the military are in a position to define or control risks rationally.
Unlike the phone system, the Internet has no Ma Bell or FCC to mandate new policies for the entire system. Not even Microsoft can make us all upgrade our routers. I think.
The Federal Reserve is committed to fulfilling our statutory mandate of stable prices and maximum employment.
Where there is Love and Wisdom, there is neither Fear nor Ignorance.
Where there is Patience and Humility, there is neither Anger nor Annoyance.
Where there is Poverty and Joy, there is neither Cupidity nor Avarice.
Where there is Peace and Contemplation, there is neither Care nor Restlessness.
Where there is the Fear of God to guard the dwelling, there no enemy can enter.
Where there is Mercy and Prudence, there is neither Excess nor Harshness.
The Gross National Product measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country. It measures everything, in short, except that which makes life worthwhile, and it can tell us everything about America - except whether we are proud to be Americans.
The trouble is that the risks that are being hedged very well by new financial securities are financial risks. And it appears to me that the real things you want to hedge are real risks, for example, risks in innovation. The fact is that you'd like companies to be able to take bigger chances. Presumably one obstacle to successful R&D, particularly when the costs are large, are the risks involved.
...the gross national product does not allow for the health of our children, the quality of their education or the joy of their play. It does not include the beauty of our poetry or the strength of our marriages, the intelligence of our public debate or the integrity of our public officials. It measures neither our wit nor our courage, neither our wisdom nor our learning, neither our compassion nor our devotion to our country, it measures everything in short, except that which makes life worthwhile.
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.
Because financially capable consumers ultimately contribute to a stable economic and financial system as well as improve their own financial situations, it's clear that the Federal Reserve has a significant stake in financial education.
In my district, I have a very clear mandate to work across the aisle.
The way the textbook works is you have gains from trade that should be distributed across all the trading partners. As soon as one bad actor like China massively cheats, they win at the expense of us; they win at the expense of Europe, and over time, it threatens the entire integrity of the global financial system and the global trading system.
There is neither creation nor destruction, neither destiny nor free will, neither path nor achievement. This is the final truth.
A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.
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