David Ignatius Quotes
Helping Wall Street regain confidence and stability was the last thing an angry public wanted in 2009 after the markets crashed. But without such support, markets can buckle and liquidity can disappear - often for decades, as has been the case in Japan.
Ignatius, David. Opinion column. The Washington Post, 2014.
There was a financial crisis in the country and the world when highly risky home mortgage loans defaulted leaving investors and speculators in mortgage-backed securities in a poor position. The investors had been reaping very high interest rates for their risky investments, but this was the first time that this form of risky investment had failed. The investors, of course were looking for a bailout from government. When the Bush administration failed to bail out investment bank, Lehman, there was a panic and the banking system of the country and much of the world froze up. Bush and his Secretary reversed their bailout of speculators policy and provided various assistants and bailouts to the very bankers and other investors who had caused the economic meltdown. The policy was continued by the Obama administration although the bailouts were just as distasteful to Obama as they were to Bush, but most economists agree that the two presidents very distasteful and unpopular bailout actions probably saved the nation from a massive depression. After being bailed out by the taxpayers, the Bankers then paid themselves exorbitant bonuses while the results of their management put 10 percent of the country out of work.
He foresaw the stock market problems of the Great Depression and was pushing the Federal Reserve Bank to act as the Hoover Administration was philosophically opposed to any government involvement. Strong died before the Fed could do anything and the last chance to stave off the Depression died with him.
David Reynolds Ignatius is an American journalist and novelist. He is an associate editor and columnist for The Washington Post. He has written eleven novels, including Body of Lies, which director Ridley Scott adapted into a film. He is a former adjunct lecturer at the Kennedy School of Government at Harvard University and currently Senior Fellow to the Future of Diplomacy Program. He has received numerous honors, including the Legion of Honor from the French Republic, the Urbino World Press Award from the Italian Republic, and a lifetime achievement award from the International Committee for Foreign Journalism.
