A Quote by Timothy Geithner
Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system.
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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.
For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.
Most governments want their citizens to be part of the financial system, to be productive citizens as a result of having access to be able to manage and move money in a seamless way. But the traditional financial services infrastructure is not designed to handle that because, predominantly, it's an expensive infrastructure.
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.
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.
Our mission is to accelerate the development of a better financial system; it's not just development of a better Bitcoin financial system, and so we want to back the best teams, who have the biggest ideas, unique solutions to big problems.
By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.
Whenever the immune system deals successfully with an infection, it emerges from the experience stronger and better able to confront similar threats in the future. Our immune system develops in combat. If, at the first sign of infection, you always jump in with antibiotics, you do not give the immune system a chance to grow stronger.
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.
The heyday perhaps of American public infrastructure is the Sputnik moment of the 1950s, the [Dwaight] Eisenhower administration, for instance, which rolls out the modern interstate system. The highway system of the United States is built during this period.
Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.
The financial crisis revealed important weaknesses in many areas of our financial system.
Perfect replication is the enemy of any robust system... Lacking a central nervous system much less a brain the parasite is a simple system designed to compromise a very specific target host. The more uniform the host, the more effective the infestation.
Among other objectives, liquidity guidelines must take into account the risks that inadequate liquidity planning by major financial firms pose for the broader financial system, and they must ensure that these firms do not become excessively reliant on liquidity support from the central bank.
If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.
In comparison to the U.S. health care system, the German system is clearly better, because the German health care system works for everyone who needs care, ... costs little money, and it's not a system about which you have to worry all the time. I think that for us the risk is that the private system undermines the solidarity principle. If that is fixed and we concentrate a little bit on better competition and more research, I think the German health care system is a nice third way between a for-profit system on the one hand and, let's say, a single-payer system on the other hand.
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