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 crisiseconomyexpose Change image and share on social
The choice is between which mistake is easier to correct: underdoing it or overdoing it. Timothy Geithner choicecorrecteasy Change image and share on social
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 basiccausecrisis share on social
Most consequential choices involve shades of gray, and some fog is often useful in getting things done. Timothy Geithner choiceconsequentialfog Change image and share on social
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 bankcenterconcentrate Change image and share on social
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 bringchangecurrent Change image and share on social
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 absorberbuildcrisis share on social
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 americacompetitivecountry share on social
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 competitorconservatorshipenjoy share on social
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 areacontrarycrisis share on social
