A Quote by Lawrence Summers

We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.

Lawrence Summers

Quote Author

Lawrence Summers
American - Economist
Born: November 30, 1954

In the immediate postwar era, financial crises in advanced countries were rare events, and before 1970 did not happen at all. Since then they have occurred more often, and 2008 was the most damaging of them all to date. If we have moved back to a regime of regular financial crises - like the one we had from the 1870s to the 1930s - then our economic future will be very different from our recent past.

Alan M. Taylor

Ever since the Great Depression, economists have known that demand shortages tend to persist in the wake of severe financial crises like the ones that happened in 1929 and 2008.

Bob Frank

The Death of Money is an engrossing account of the massive stresses accumulating in the global financial system, especially since the 2008 financial crisis. Jim Rickards is a natural teacher. Any serious student of financial crises and their root causes needs to read this book.

John H. Makin

No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system.

Henry Paulson

Over the years, I've been involved in many business crises. I qualify this, since my crises have never involved life and death or the survival of the human race. But they are still crises.

Brad Feld

Fiscal crises often turn into financial crises, dealing a blow to the real economy.

Lee Myung-bak

The essence of the this-time-is-different syndrome is...rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. Unfortunately, a highly leveraged economy can unwittingly be sitting with its back at the edge of a financial cliff for many years before chance and circumstance provoke a crisis of confidence that pushes it off.

Carmen Reinhart

In the seed and the soil, we find the answers to every one of the crises we face. The crises of violence and war. The crises of hunger and disease. The crisis of the destruction of democracy.

Vandana Shiva

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.

Timothy Geithner

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

Timothy Geithner

Compared to developed countries, or even to some major emerging countries, burdened by aging populations, financial crises, widening budget deficits, faltering faith in politics and growing social demands, Africa has become the world's last 'New Frontier:' a kind of 'it-continent.'

Mo Ibrahim

Anyone interested in the past, present, or future of banking and financial crises should read The Bankers' New Clothes. Admati and Hellwig provide a forceful and accessible analysis of the recent financial crisis and offer proposals to prevent future financial failures. While controversial, these proposals--whether you agree or disagree with them--will force you to think through the problems and solutions.

Michael J. Boskin

I admire President Obama. He inherited the worst financial crisis since the Great Depression. That was a terrible time for America.

Hillary Clinton

By means of the banking system the distribution of capital as a special business, a social function, is taken out of the hands of the private capitalists and usurers. But at the same time, banking and credit become the most effective means of driving captialist production beyond its own limits and one of the most effective vehicles of crises and swindle.

Karl Marx

The future is going to require really smart people. What we think are crises today probably will be no big deal, and we have no idea what will really be crises in the future.

Dean Kamen

None of the problems that caused the crises in Europe and America have been resolved. They have been delayed and expanded by more debt and more money printing and will lead to more and worse crises.

Bill Bonner

A Quote by Lawrence Summers

Quote Topics

Quote Author

Related Quotes

Related Authors