Financial Crisis Of 2007 2011 Quotes

If you look at mainstream economics there are three things you will not find in a mainstream economic model - Banks, Debt, and Money.
How anybody can think they can analyze capital while leaving out Banks, Debt, and Money is a bit to me like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings ... ~ Steve Keen

If one sentence were to sum up the mechanism driving the Great Stagnation, it is this: Recent and current innovation is more geared to private goods than to public goods. That simple observation ties together the three major macroeconomic events of our time: growing income inequality, stagnant median income, and the financial crisis. ~ Tyler Cowen

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

The times are too difficult and the crisis too severe to indulge in schadenfreude. Looking at it in perspective, the fact that there would be a financial crisis was perfectly predictable: its general nature, if not its magnitude. Markets are always inefficient. ~ Noam Chomsky

The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007. ~ James Surowiecki

The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes. ~ Ben Bernanke

Because we [the USA] are so powerful, our failures resonate more. In some ways, the worst victims of our institutional and elite failures, through the ripple effect of financial crisis and war, aren't Americans. ~ Chris Hayes

However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward truth tellers. One of the lessons of the financial crisis that led to the Great Recession is that there are periods in which competition, among experts and among organizations, creates powerful forces that favor a collective blindness to risk and uncertainty. ~ Daniel Kahneman

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

Godfulness is simply recognizing the primacy of a presence of love, spaciousness, grace, generativity, caring, and creativity in the world and in myself. How can a mere financial crisis compare to that? The Generative Mystery cannot go bankrupt. It is not subject to scarcity. We never run out of God. ~ David Spangler

The Treasury's plan has little for those outside of the financial industry. It is aimed at rescuing the same financial institutions that created this crisis with the sloppy underwriting and reckless disregard for the risk they were creating, taking or passing on to others. ~ Richard Shelby

I'm quite worried about the fiscal imbalances that we've got and what that might mean in terms of financial crisis ahead. ~ Bill Gates

Obama's primary constituency was financial institutions. They were the core of the funding for his campaign. They expect to be paid back. And they were. They were paid back by coming out richer and more powerful than they were before the crisis that they created. ~ Noam Chomsky

The Mexican debt crisis, Latin American debt crisis, the crises of the 1990s, the Wall Street stock market crash, and other events should have reminded us, and did remind us, that financial instability remains a concern, remains a problem. ~ Ben Bernanke

an official with the U.S. Securities and Exchange Commission learned I was writing about specialization and contacted me to make sure I knew that specialization had played a critical role in the 2008 global financial crisis. "Insurance regulators regulated insurance, bank regulators regulated banks, securities regulators regulated securities, and consumer regulators regulated consumers," the official told me. "But the provision of credit goes across all those markets. So we specialized products, we specialized regulation, and the question is, 'Who looks across those markets?' The specialized approach to regulation missed systemic issues. ~ David Epstein

How do you explain to an innocent citizen of the free world the importance of a credit default swap on a double-A tranche of a subprime-backed collateralized debt obligation? He tried, but his English in-laws just looked at him strangely. They understood that someone else had just lost a great deal of money and Ben had just made a great deal of money, but never got much past that. "I can't really talk to them about it," he says. "They're English. ~ Michael Lewis

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

There is definitely going to be another financial crisis around the corner because we haven't solved any of the things that caused the previous crisis, ~ Mark Mobius

The prevailing ideology of the modern west - which is political economy - is in the doghouse. Having failed to notice atmospheric pollution, the economists then frightened themselves with the sort of financial crisis they said they had abolished. ~ James Buchan

When the pocket becomes empty and the mind becomes full of issues, just think of something distinctive! ~ Ernest Agyemang Yeboah

The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices. ~ Gary Weiss

Lack of financial planning is the root of all empty wallets ~ Mac Duke The Strategist

Just as the financial crisis has created toxic assets and 'zombie' financial institutions, so has it transformed conservatism into a movement of the living dead. ~ Thomas Frank

Everywhere the crisis of the private financial system has been transformed into a tale of slovenly and overweening government that perpetuates and is perpetuated by a dependent and demanding population ... For about ten days the crisis was interpreted as a consequence of the ineptitude of the highly paid, and then it transmogrified into a grudge against the populace at large. ~ Marilynne Robinson

In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeowners and firms did attempt to increase savings in financial assets by reducing expenditure on durables. ~ Dale T. Mortensen

Obama occasionally pointed out that the post–Cold War moment was always going to be transitory. The rest of the world will accede to American leadership, but not dominance. I remember a snippet from a column around 9/11: America bestrides the world like a colossus. Did we? It was a story we told ourselves. Shock and awe. Regime change. Freedom on the march. A trillion dollars later, we couldn't keep the electricity running in Baghdad. The Iraq War disturbed other countries - including U.S. allies - in its illogic and destruction, and accelerated a realignment of power and influence that was further advanced by the global financial crisis. By the time Obama took office, a global correction had already taken place. Russia was resisting American influence. China was throwing its weight around. Europeans were untangling a crisis in the Eurozone.

Obama didn't want to disengage from the world; he wanted to engage more. By limiting our military involvement in the Middle East, we'd be in a better position to husband our own resources and assert ourselves in more places, on more issues. To rebuild our economy at home. To help shape the future of the Asia Pacific and manage China's rise. To open up places like Cuba and expand American influence in Africa and Latin America. To mobilize the world to deal with truly existential threats such as climate change, which is almost never discussed in debates about American national security. ~ Ben Rhodes

...Laying blame for the global financial crisis on any single individual, let alone on an eighty-three year old man, seems as ethically flawed as some of the broader moral failures permeating society in the lead-up to the crisis. ~ Jeremy Balkin

LOST is often lauded as one of the best fantasy dramas in television history, as well as one of the most cryptic and - occasionally – maddening. But confirmation of just how important it is came with an almost unbelievable communiqué from the White House last week. President Obama's office reassured Lost fans that the commander in chief wouldn't move his yearly state of the union address from late January to a date that would coincide with the premiere episode of the show's sixth and final season.
That's right. Obama might have had vital information to impart upon the American people about health care, the war in Afghanistan, the financial crisis – things that, you know, might affect real lives.
But the most important thing was that his address didn't clash with a series in which a polar bear appears on a tropical island.
After extensive lobbying by the ABC network, the White House surrendered. Obama's press secretary promised: "I don't foresee a scenario in which millions of people who hope to finally get some conclusion with Lost are pre-empted by the president. ~ Ben East

If you thought financial crises came and went, just count on them - another economic collapse, it's almost going to be like not news any more. But for startups this is great, because it's a perpetual driver of disruption. ~ Steve Jurvetson

Asean is obviously a very important association for us. Over the past 30 years Asean has made great strides in regional cooperation covering a number of areas, although recently it has been under strain because of the financial crisis and other challenges. ~ Hassanal Bolkiah

Germans longed to be near shit, but not in it. This, as it turns out, is an excellent description of their role in the current financial crisis. ~ Michael Lewis

There are only a handful of countries that have experienced what Indonesia has endured: financial crisis, political instability, separatism, ethnic conflicts, terrorism and natural disasters. Given the array of challenges that confronted us, what Indonesia has become today is nothing short of remarkable. Indonesia today is a country with a different Islam, democracy and modernity can go hand in hand. ~ Susilo Bambang Yudhoyono

With the lessons taken from the financial crisis in 1997, the Republic of Korea has been able to surmount the global economic crisis rather successfully. ~ Lee Myung-bak