Will Rogers Quotes

There's a loss of faith in the banking system that for so long has been the backbone of prosperity and growth.

To the extent that bank panics interfere with normal flows of credit, they may affect the performance of the real economy.

In September 2008, the overleveraged and undermanaged U.S. banking system suffered a terrifying collapse. And that, in turn, nearly took the whole country down.

Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.

Did you ever figure to be living in a time when your check is good, but the bank bounces?

Deflation can be particularly dangerous when a financial system is shaky, with household and corporate balance sheets in poor shape and banks undercapitalized and heavily burdened with bad loans.

The stress on the financial system in the fall of 2007 was significant, but not so significant as to threaten the overall stability of the U.S. economy, although it did lead to the beginning of a recession at the end of 2007.

We don't want to give a business that is not going to come through the troubled waters a loan that they can't pay back.

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.

Accordingly, when the supply of gold runs short, the security behind the notes is diminished, the loaning of notes is restricted or suspended, and the panic follows.

If you owe the bank $100 that's your problem. If you owe the bank $100 million, that's the bank's problem.

The Nasdaq bubble and crash were followed by the real estate bubble then subprime crash, which led to the unprecedented printing of trillions of dollars in an attempt to prevent a global depression.

Uncertainty is killing this economy.

The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties. The underlying impact of the international financial crisis is far from over.

You know, every family and every business in California knows what it means to go through tough times.

Rarely in modern times has there been such a revolution in commercial sentiment as occurred in 2008, or such a display in government and business of panic and helplessness.

At many points during our nation's history, there have been times - known in our history textbooks as 'panics' - when adverse conditions affecting the financial and economic sectors of the country have caused individuals to hoard more than they need.

What we know about the global financial crisis is that we don't know very much.

Up until the Depression, recession had a moral character: it was supposed to purge the body economic of the greed and excess that attends a business expansion.

The once-unthinkable loss of the AAA rating will constitute a further hit to already fragile business and consumer confidence.

Around the district, I've talked to more local bankers who are scared to death.

Everyone would like the world always to be in bubble times. But that doesn't happen.

At the end of Friday, March 3, 1933, thirty-two states had closed all their banks ... Six other states had closed almost all their banks. In the other ten states and in the District of Columbia withdrawals were limited to 5 percent of deposits and in Texas to ten dollars per day. The U.S. financial system had reached the last extremity before it would collapse completely, taking the life's savings of tens of millions of people and what was left of the international economic system with it.

I think that this is the most significant financial crisis in the post-War period for the United States, and it has in fact a global reach.... I think it is extraordinarily important to understand that, as we have seen in many previous examples of different countries and different times, choking up of credit is like taking the lifeblood away from the economy.

Not only have government bills been dishonored and the interest on the public debt remains unpaid, but … so completely empty is the Treasury and destitute of credit, that funds cannot be obtained to defray the ordinary expenses of the different departments.