Mary Pilon Quotes

I have 13 bankers in my office, and they say that if you go forward with this you will cause the worst financial crisis since World War II.

An economic recession—even when it is of long duration—does not necessarily involve a decline in all trades.

The last six months of the Bush administration lost four million jobs and the first six months of the Obama administration lost another four million before any initiatives of the president could take action.

Admit it America - 2008 was our national 'oops' moment!

What happened is we went into a recession beginning in December of 2007 that was the worst since 1929. And it is a very deep hole that we have been struggling to get out of.

With every year that passes, the more we have to be careful not to forget the causes and consequences of the Great Recession.

After the economic 9/11, we will face a new world order.

Today's misery is real unemployment, home foreclosures and bankruptcies. This is the Obama Misery Index and its at a record high. Its going to take more than new rhetoric to put Americans back to work - its going to take a new president.

There was no blueprint or how-to manual for fixing a global financial meltdown, an auto crisis, two wars and a great recession, all at the same time.

The simple fact of the matter is, as I know everyone in this room knows, that the recession that this country faced when this President took office was the worst since the Great Depression.

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.

Europe is a strong market for the U.S. If it has problems, if there's a lack of consumer confidence, if there's a deeper recession, this will deeply affect jobs in the U.S.

The entire economy, of course, is locked in a down cycle right now. Last time we weathered this was during another Bush presidency in '90. We were locked in it for a year and a half and everyone came out of it.

But if, if you take a look at what would have happened, I mean, do we need to see soup lines down the street to figure out what would have happened? We avoided - and all economists will tell you that millions of jobs were saved because of the Recovery Act, and we avoided a second Great Depression. That, that is a reality.

2008 was to the American economy what 9/11 was to national security. Yet while 9/11 prompted the U.S. government to tear up half the Constitution in the name of public safety, after 2008, authorities went in the other direction.

In 2008, when the global financial crisis struck, it was a bad year for a lot of developing countries, and it manifested itself in consumer confidence.

The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy - not unlike a company gritting its teeth through a lifesaving bankruptcy.

How much would you pay to avoid a second Depression?

It has become fashionable to rail against government intervention in the economy, and the FHA is a favorite example by those trying to show the government's overreach. In reality, the FHA shows how government action during the Great Recession forestalled a much worse economic fate.

The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes.

Usually when there are a lot of layoffs, like in 2008 and 2009, business creation tends to spike. But that didn't happen right away, partly because people trying to start a business couldn't get credit.

I don't think it's the end of the world even if we have a recession. We'll pull back out of it again. No big deal.

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.

I've never seen people as physically distraught as the Bush administration team was because of what was happening to the economy. I personally believe that the steps that President Obama took saved the economy. He doesn't get the credit he deserves for taking some very hard positions. But it was a terrible recession. So now we've dug ourselves out of it, we're standing, but we're not yet running.

No I don't think it was a myth at all, anymore than what the recession that the whole country was experiencing was a myth, which obviously seems like it's going to get worse and worse.