Elaine Chao Quotes

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.

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.

If the Chinese bubble bursts one day, which inevitably will happen - maybe not tomorrow, maybe in three months, maybe in three years - when it happens, it will have devastating consequences for the global economy.

An attack on the scale of Sept. 11 would rock the markets and the economy.

Uncertainty is killing this economy.

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

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

Some things never change - there will be another crisis, and its impact will be felt by the financial markets.

We are taking a greater chance of having another crash at a time when the world is less capable of bearing the cost.

The stock market crash in October 1929 didn't destroy a particularly large amount of wealth or make people highly pessimistic. Rather, it made companies and consumers very unsure about future income, and so led them to stop spending as they waited for more information.

I'm not panicking, and I'm not scared, I've been through the Gulf War, the Asia crisis, and the Russian crisis.

I don't know if we're on the edge of the precipice, but we're in a very, very, very difficult situation.

You then get into a period a few years ago, where a lot of external factors that we didn't have anything to do with did hit, and some of them at the same time... devaluations, weak economies, you name it, in various parts of the world.

The attacks on the World Trade Center and the current economic recession, which is particularly powerful in New York City, have put a number of building plans on hold for the time being.

It was always tough, but today we are in the throes of something we have never seen in our history. It's clear in recent times the market is looking for a bottom.

The global financial crisis - missed by most analysts - shows that most forecasters are poor at pricing in economic/financial risks, let alone geopolitical ones.

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.

In 2009, at the height of the global economic crisis, it was clear that we were seeing something new: the impacts of the crisis were flowing across borders at unprecedented velocity.

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.

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

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

We do not want financial convulsions.

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.

…in a crisis of confidence and credit, psychology is the big factor.

There may be a recession in stock prices, but not anything in the nature of a crash..