Quotes by Timothy Geithner - Page 1

Financial crises require governments.
Timothy Geithner / Former United States Secretary Of The Treasury
Government
Crisis
Financial
Crises
Financial Crises
Governments
Require
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We believe in a strong dollar. Chinese financial assets are very safe.
Timothy Geithner / Former United States Secretary Of The Treasury
Believe
Chinese
Strong
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Monetary policy itself cannot sensibly be directed at reducing imbalances.
Timothy Geithner / Former United States Secretary Of The Treasury
Imbalance
Monetary
Monetary Policy
Policy
Reducing
Directed
Sensibly
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The choice is between which mistake is easier to correct: underdoing it or overdoing it.
Timothy Geithner / Former United States Secretary Of The Treasury
Choices
Easier
Mistake
Correct
Overdoing
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The plausible outcomes range from the gradual and benign to the more precipitous and damaging.
Timothy Geithner / Former United States Secretary Of The Treasury
Benign
Outcomes
Plausible
Range
Damaging
Gradual
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Most consequential choices involve shades of gray, and some fog is often useful in getting things done
Timothy Geithner / Former United States Secretary Of The Treasury
Choices
Done
Fog
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Most consequential choices involve shades of gray, and some fog is often useful in getting things done.
Timothy Geithner / Former United States Secretary Of The Treasury
Choices
Done
Fog
Gray
Useful
Often
Getting
Involve
Shades
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The government can help, but we need to make this transition now to a recovery led by private investment.
Timothy Geithner / Former United States Secretary Of The Treasury
Government
Recovery
Transition
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The government can help, but we need to make this transition now to a recovery led by private investment, private.
Timothy Geithner / Former United States Secretary Of The Treasury
Investment
Recovery
Led
Private Investment
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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 / Former United States Secretary Of The Treasury
Believe
Important
Strong
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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 / Former United States Secretary Of The Treasury
Movement
Moving
Path
Policy
Uncertainty
Advance
Altering
Asset
Case
Necessarily
Movements
Price
Substantial
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I think we're not going to preserve Fannie and Freddie in anything like their current form. We're going to have to bring fundamental change to that market.
Timothy Geithner / Former United States Secretary Of The Treasury
Current
Fundamental
Fundamental Change
Preserve
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This crisis is not simply a more severe version of the usual business cycle recession, the typical downturn in which economies ultimately adjust and stabilize.
Timothy Geithner / Former United States Secretary Of The Treasury
Business
Crisis
Downturn
Severe
Typical
Usual
Adjust
Version
Cycle
Recession
Stabilize
Ultimately
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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 / Former United States Secretary Of The Treasury
Confluence
Financial
Modern
Modern Times
Turmoil
World
Simultaneously
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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 / Former United States Secretary Of The Treasury
Calm
Doe
Giving
Recognition
Transition
Sustainable
Guide
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This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.
Timothy Geithner / Former United States Secretary Of The Treasury
Crisis
Exposed
Innovation
Risk
Significant
Financial Systems
Systems
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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 / Former United States Secretary Of The Treasury
May
Risk
Today
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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 / Former United States Secretary Of The Treasury
Probability
Risk
Traditional
Banks
Concentrated
Crises
Financial Crises
Systemic
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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 / Former United States Secretary Of The Treasury
Overwhelmed
Regulation
Risk
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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 / Former United States Secretary Of The Treasury
Crisis
Financial System
Infrastructure
Past
Resilient
Shock
Shock Absorber
Stronger
Designed
Immediate
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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 / Former United States Secretary Of The Treasury
Behavior
Financial
Financial Markets
Important
Monetary
Monetary Policy
Past
Play
Asset
Broaden
Deepen
Formulation
Important Role
In The Past
Markets
Prices
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We will not support returning Fannie and Freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support.
Timothy Geithner / Former United States Secretary Of The Treasury
Competitors
Enjoying
Government Support Will
Fought
Market Share
Returning
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The rest of the world needs the US 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 / Former United States Secretary Of The Treasury
Activity
Financial System
Revive
Ties
Center
Economic Activity
Recover
Region
Remain
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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 / Former United States Secretary Of The Treasury
Needs
Order
Ties
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Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it's better to prepare for war or instability
Timothy Geithner / Former United States Secretary Of The Treasury
War
Thinking
Want
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Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it's better to prepare for war or instability.
Timothy Geithner / Former United States Secretary Of The Treasury
Contrary
Instability
Stability
Wiser
War Peace Better
Crises
Likely
Prepare
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It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to be competitive. It is not a viable, feasible strategy, and we will not engage in it.
Timothy Geithner / Former United States Secretary Of The Treasury
Devalue
Strategy
United States Of America
World Important People
Competitive
Engage
Feasible
World People Important
World Country People
No Country
Viable
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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 / Former United States Secretary Of The Treasury
Government
Damage
Long
Spending
Underestimate
Waiting
Basic
Causing
Crises
Financial Crises
Governments
Wait
Lesson
Ultimately
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I personally believe that there's going to be a good case for the government preserving some type of guarantee to make sure that people have the ability to borrow to finance a house even in a very damaging recession. I think there's going to be a good case for that.
Timothy Geithner / Former United States Secretary Of The Treasury
Finance
Good Government Believe
Borrow
Damaging
Guarantee
Personally
Preserving
Recession
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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 / Former United States Secretary Of The Treasury
Commitment
Economic Recovery
Hurt
Income
Income Tax
Long Term
Permanent
Prelude
Recovery
Tax Cuts
Undermining
Future Today World
Tax
Cuts
Deficits
Extension
Likely
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We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households.
Timothy Geithner / Former United States Secretary Of The Treasury
Access
Credit
Equity
Financial System
Judged
Pressure
Severe
Unpredictable
Bear
Broader
Disorderly
Downward
Further
Households
Sudden
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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 / Former United States Secretary Of The Treasury
Business
Finance
America
Damage
Prudent
Small Business
Thinking
Unemployed
Good Business Doing
Additional
Scale
Emergency
Facing
Fiscally
Overall
Responsible Way
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Although this crisis in some ways started in the United States, it is a global crisis. We bear a substantial share of the responsibility for what has happened, but factors that made the crisis so acute and so difficult to contain lie in a broader set of global forces that built up in the years before the start of our current troubles.
Timothy Geithner / Former United States Secretary Of The Treasury
Crisis
Factors
Acute
Bear
Broader
Contain
Current
Lie
Forces
Substantial
Troubles
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The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy.
Timothy Geithner / Former United States Secretary Of The Treasury
Achievement
Commitment
Economic Inequality
Economic Policy
Educational
Household
Income
Income Inequality
Inequality
Monetary
Monetary Policy
Resources
Rising
Savings
Suspects
Usual
Commitments
Concerns
Favorites
Facing
Insurance
Low
Pick
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But what we're determined to do, and what the reforms will do is to make sure this system goes back to its core purpose of taking the savings of Americans and from investors around the world and allocating those to people with an idea, not just the largest companies in the country, but to small businesses with an idea and a plan for growing.
Timothy Geithner / Former United States Secretary Of The Treasury
Core
Determined
Investors
Allocating
Businesses
Largest
Reforms
Small Businesses
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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 / Former United States Secretary Of The Treasury
Country
Independent
Strong
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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 / Former United States Secretary Of The Treasury
Class
Cutting
Senior
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Timothy Geithner Quotes - Page 1

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