Financial crises require governments. Timothy Geithner More Quotes by Timothy Geithner More Quotes From Timothy Geithner Most consequential choices involve shades of gray, and some fog is often useful in getting things done Timothy Geithner fog choices done The recognition that things that are not sustainable will eventually come to an end does not give us much of a guide to whether the transition will be calm or exciting. Timothy Geithner transition doe giving Hyperinflation is not going to happen in this country, will never happen... The Fed putting so much money into the system is not going to create the risk of hyperinflation in the future. We have a strong independent Federal Reserve with a very strong mandate from the Congress, and they will do what's necessary to keep inflation low and stable over time. Timothy Geithner independent strong country If you don't try to generate more revenues through tax reform, if you don't ask, you know, the most fortunate Americans to bear a slightly larger burden of the privilege of being an American, then you have to - the only way to achieve fiscal sustainability is through unacceptably deep cuts in benefits for middle class seniors, or unacceptably deep cuts in national security. Timothy Geithner senior cutting class We believe in a strong dollar. Chinese financial assets are very safe. Timothy Geithner chinese strong believe 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. Timothy Geithner shock-absorber stronger past I believe deeply that it's very important to the United States, to the economic health of the United States, that we maintain a strong dollar. Timothy Geithner important strong believe The choice is between which mistake is easier to correct: underdoing it or overdoing it. Timothy Geithner easier choices mistake The government can help, but we need to make this transition now to a recovery led by private investment. Timothy Geithner recovery transition government There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy. Timothy Geithner government waiting long The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move. Timothy Geithner movement path moving As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past. Timothy Geithner important play past Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through. Timothy Geithner modern financial world Monetary policy itself cannot sensibly be directed at reducing imbalances. Timothy Geithner imbalance policy reducing 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 risk may today We have parts of our system which are overwhelmed by regulation. It wasn't the absence of regulation that was the problem. It was despite the presence of regulation you got huge risks built up. Timothy Geithner overwhelmed regulation risk The world is likely to view any temporary extension of the income tax cuts for the top two percent as a prelude to a long-term or permanent extension, and that would hurt economic recovery as well by undermining confidence that we're prepared to make a commitment today to bring down our future deficits. Timothy Geithner recovery hurt commitment The plausible outcomes range from the gradual and benign to the more precipitous and damaging. Timothy Geithner benign range outcomes And I think it's a prudent, responsible way, given the scale of the emergency, the scale of the damage still facing America, that we finance these additional support for the unemployed as well as the support for small business. We think there's a good case for doing it now. We want to do it in an overall fiscally responsible way. Timothy Geithner business america thinking The rest of the world needs the U.S. economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe. Timothy Geithner ties order needs
