Global Financial Crisis Quotes

One peek inside his top drawer had been enough for Sophie. Swimming goggles, nail clippers, a Ferragamo tie wound into a tight coil, and packets of Gulden's Spicy Brown Mustard. None of that compared to Ira Blumenstein's gold tooth, Kenneth Yang's Darth Vader lollipop, or Rich Angstrom's Magic 8 Ball. ~ Laura Hemphill

Being a person that others can trust is one of the most sought after qualities in the workplace today. So many leaders and their staff have shown in the recent global financial crisis a lack of trust and integrity amongst themselves and with their clients and other stakeholders. ~ Nigel Cumberland

2009 was a tough year, but Australia rose to the challenge of the global financial crisis. It shows what can be done when we all join together and work together, governments of all persuasions state, territory and local; businesses large and small; unions and local communities right across the nation. ~ Kevin Rudd

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

The global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones. ~ Nouriel Roubini

Vladimir Putin shot out of obscurity in 1999 by exploiting growing nostalgia for the USSR, fueled by the disappointment, uncertainty and crisis that brought Yeltsin's reform era to a shuddering halt. Once in power the following year, Putin set about building an authoritarian regime whose control would expand for more than a decade, until soaring corruption on top of another economic downturn - a much smaller one, triggered by the global financial crisis of 2008 - prompted another backlash. ~ Gregory Feifer

The Global Financial Crisis (2008-?); it is not a matter of noblesse oblige as of vitesse oblige. ~ Kristian Goldmund Aumann

As Secretary of State I thought of our choices and challenges in three categories: The problems we inherited, including two wars and a global financial crisis; the new, often unexpected events and emerging threats, from the shifting sands of the Middle East to the turbulent waters of the Pacific to the uncharted terrain of cyberspace; and the opportunities presented by an increasingly networked world that could help lay the foundation for ~ Hillary Rodham Clinton

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

Senator Obama will be taking office at a critical juncture. There are many pressing challenges facing the international community, including the global financial crisis and global warming. We look forward to working closely with President-elect Obama and his team to address these challenges. ~ Helen Clark

As Jeffrey Reiman points out in the Rich Get Richer and the Poor Get Prison, the criminal justice system excuses and ignores crimes of the rich that produce profound social harms while intensely criminalizing the behaviors of the poor and nonwhite, including those behaviors that produce few social harms. When the crimes of the rich are dealt with, it's generally through administrative controls and civil enforcement rather than aggressive policing, criminal prosecution, and incarceration, which are reserved largely for the poor and nonwhite. No bankers have been jailed for the 2008 financial crisis despite widespread fraud and the looting of the American economy, which resulted in mass unemployment, homelessness, and economic dislocation. ~ Alex S. Vitale

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

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

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

I really do believe the final act in play is a crisis in our financial institutions, which are doing such dumb, dumb things, ~ Michael Lewis

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

Oh, and 13.1 million American people had their homes foreclosed. Because their debt, it turns out, was real; it was only the debt within the financial sector that was imaginary. It was only the people who generated the crisis who got three magical wishes from an economic genie. There was no abracadabra for ordinary people; they just got abraca-fucked. ~ Russell Brand

The crisis in Europe has affected the U.S. economy by acting as a drag on our exports, weighing on business and consumer confidence, and pressuring U.S. financial markets and institutions. ~ Ben Bernanke

Systematic research supports the message of these cases. As noted in an article in the New York Times, even in the most extreme circumstances - like the financial crisis - directors bore little consequence for their poor decisions. ~ Jeffrey Pfeffer

As the United States continues its slow but steady recovery from the depths of the financial crisis, nobody actually wants a massive austerity package to shock the economy back into recession, and so the odds have always been high that the game of budgetary chicken will stop short of disaster. Looming past the cliff, however, is a deep chasm that poses a much greater challenge
the retooling of the country's economy, society, and government necessary for the United States to perform effectively in the twenty-first century. ~ Fareed Zakaria

The egotistical ambition to always want to earn more money harms both the company and the individual himself. That is the biggest weakness of many managers - the financial crisis has proven this. ~ Dalai Lama

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

I think the ethos for Gov. Romney is to use a whole variety of policies, of which tax policy is one, to try to raise the rate of growth. We've had a recovery from the financial crisis that would be well below what one might normally expect for a recovery from such a deep recession. And to counteract that we need better tax policy. ~ Glenn Hubbard

The current financial crisis in the US is likely to be judged in retrospect as the most wrenching since the end of the Second World War. ~ Alan Greenspan

There are still deep-seated structural problems that threaten the economic balance in the world: Between the United States and China, for example, but also within Europe. We have taken a few steps toward taming the financial markets, but we haven't come nearly far enough to rule out a repetition of the crisis. ~ Peer Steinbruck

What it mainly revealed was that one of the most insidious of the "hidden injuries of class" in North American society was the denial of the right to do good, to be noble, to pursue any form of value other than money – or, at least, to do it and to gain any financial security or rewards for having done. The passionate hatred of the "liberal elite" among right-wing populists came down, in practice, to the utterly justified resentment towards a class that had sequestered, for its own children, every opportunity to pursue love, truth, beauty, honor, decency, and to be afforded the means to exist while doing so. The endless identification with soldiers ("support our troops!) – that is, with individuals who have, over the years, been reduced to little more than high tech mercenaries enforcing of a global regime of financial capital – lay in the fact that these are almost the only individuals of working class origin in the US who have figured out a way to get paid for pursuing some kind of higher ideal, or at least being able to imagine that's what they're doing. Obviously most would prefer to pursue higher ideals in way that did not involve the risk of having their legs blown off. The sense of rage, in fact, stems above all from the knowledge that all such jobs are taken by children of the rich. ~ David Graeber

So how does the machine work that you have a financial crisis? How does deleveraging work - what is the nature of that machine? And what is human nature, and how do you raise a community of people to run a business? ~ Ray Dalio

ECONOMIC IMPACT - The United States buys almost three quarters of a trillion dollars ($738,000,000,000.00) more from overseas suppliers than it sells in exports (balance of trade deficit). Overall, the US buys about $ 2.5 trillion dollars in goods and services produced by the other nations of the world every year. With the United States gone as the world's economic engine, the remaining nations of the world will, in varying degrees, immediately suffer from staggering financial depression. The financial credit crisis that started in mid-September, 2008 in the United States, soon reverberated in stock markets across the world. ~ John Price

President Obama inherited a broken country mired in two wars, a financial crisis, a mortgage mess and more than we all probably even know about and has in my opinion brought us back from the brink. But I still see my friends in no better shape and the gap widening. ~ Don Cheadle

With same day loans, you can easily acquire immediate funds, so as to deal with any short term financial crisis. These loans are unsecured in nature and can be applied for even by those with serious credit disputes. ~ Markus Skupeika

After the dismissal of Hamrouche and until 1999, the state underwent a severe financial crisis and was on the verge of stopping all payments. Loans had to be negotiated with international financial institutions, particularly with the IMF, which required a structural adjustment program. State finances were saved by credits from the IMF and the European Union. Algerian negotiators, who played on the fear of the European states about the Islamist threat, said in effect, "It's either us, with all our defects, or an Islamist republic just one hour's flight from Europe." Alarmed to the point of panic, the West paid up without any conditions on how their credits were to be used. Policy thereafter fluctuated between rhetoric and laxity in letting deficits mount. ~ Ellen Lust

Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that's wrong, ~ Charles Ferguson

President Obama has basically avoided or not done any attempt to intervene in any positive way in the housing market. I think in the financial crisis that's been a shame. ~ Glenn Hubbard

Nothing brings home the fragility of the banking system or the potency of a financial crisis more vividly than writing about these issues from the eye of the storm. Watching the world's central bankers and finance officials grappling with the current situation - trying one thing after another to restore confidence, throwing everything they can at the problem, coping daily with unexpected and startling shifts in market sentiment - reinforces the lesson that there is no magic bullet or simple formula for dealing with financial panics. ~ Liaquat Ahamed

When the financial crisis arrived, it seemed to me that this was something I had to make a movie about. ~ Charles Ferguson

If there had been a Financial Product Safety Commission in place 10 years ago, the current financial crisis would have been averted. ~ Elizabeth Warren

Modern electrical power distribution technology is largely the fruit of the labors of two men - Thomas Edison and Nikola Tesla. Compared with Edison, Tesla is relatively unknown, yet he invented the alternating electric current generation and distribution system that supplanted Edison's direct current technology and that is the system currently in use today. Tesla also had a vision of delivering electricity to the world that was revolutionary and unique. If his research had come to fruition, the technological landscape would be entirely different than it is today. Power lines and the insulated towers that carry them over thousands of country and city miles would not distract our view. Tesla believed that by using the electrical potential of the Earth, it would be possible to transmit electricity through the Earth and the atmosphere without using wires. With suitable receiving devices, the electricity could be used in remote parts of the planet. Along with the transmission of electricity, Tesla proposed a system of global communication, following an inspired realization that, to electricity, the Earth was nothing more than a small, round metal ball.
[...]
With $150,000 in financial support from J. Pierpont Morgan and other backers, Tesla built a radio transmission tower at Wardenclyffe, Long Island, that promised - along with other less widely popular benefits - to provide communication to people in the far corners of the world who needed no more than a handheld rece ~ Christopher Dunn

Yahoo is positioned for accelerated financial growth. We have a powerful consumer brand, a huge global audience, and a highly profitable operating model. ~ Jerry Yang

If the American government can't stand behind the dollar, the world's benchmark currency, then the global financial system will very likely enter a new era in which there is much less trade and much less economic growth. It would be, by most accounts, the largest self-imposed financial disaster in history. ~ Adam Davidson

The heart of the 2008 financial crisis was a coterie of reckless financial executives, working for too-big-to-fail financial companies, who were handsomely compensated for taking risks that almost ruined the economy when they failed. ~ Gary Weiss

Importantly, in the 1930s, in the Great Depression, the Federal Reserve, despite its mandate, was quite passive and, as a result, financial crisis became very severe, lasted essentially from 1929 to 1933. ~ Ben Bernanke

My daughter asked me when she came home from school, "What's the financial crisis?" and I said, it's something that happens every five to seven years. ~ Jamie Dimon

This book argues that through inclusive finance, companies can make money and help solve the global problem of poverty. By inclusive finance we mean opening access to high-quality financial services to everyone who needs them, especially low-income and previously excluded people. We also discuss how ~ Elizabeth Rhyne

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

On the other hand, there are a number of cases where economic growth did not produce better governance, but where, to the contrary, it was good governance that was responsible for growth. Consider South Korea and Nigeria. In 1954, following the Korean War, South Korea's per capita GDP was lower than that of Nigeria, which was to win its independence from Britain in 1960. Over the following fifty years, Nigeria took in more than $300 billion in oil revenues, and yet its per capita income declined in the years between 1975 and 1995. In contrast, South Korea grew at rates ranging from 7 to 9 percent per year over this same period, to the point that it became the world's twelfth-largest economy by the time of the Asian financial crisis in 1997. The reason for this difference in performance is almost entirely attributable to the far superior government that presided over South Korea compared to Nigeria. ~ Francis Fukuyama

In the United States, meaningful financial reform has tended to be crisis-driven. That is an unfortunate fact, for several reasons. It means that our regulatory system has been defined and redefined under extreme rather than normal conditions. It means that financial regulation is more reactive than proactive. And it means that we must endure serious dysfunction, if not a major calamity, before fixing problems - financial excesses that typically have been recognized and acknowledged long before the crisis hits. ~ Henry Kaufman

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 global financial collapse exposed the longstanding myth that commercial exchange is a primary institution. There are no examples in history where people created commercial markets and exchange before creating a culture. ~ Jeremy Rifkin