Nigel Farage Quotes

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.

At some point, there will be some other financial crisis. It's in the nature of a capitalist system.

The failure of Lehman Brothers demonstrated that liquidity provision by the Federal Reserve would not be sufficient to stop the crisis; substantial fiscal resources were necessary.

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.

Once our country is fully engulfed in a debt crisis, our economy will be torn apart, and every American will be a victim of the federal government's failure to prevent this disaster.

Financial crises are an unfortunate but necessary consequence of modern capitalism.

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

… many, and arguably most economists were claiming right up to the moment of collapse, that nothing like this could ever happen.

An AIG failure would have been devastating to the financial system and to the economy.

If the Fed is omniscient, why didn't they pull back on the excess money supply that inflated the massive housing bubble that popped so disastrously back in 2008?

It's almost 10 years since the 2008 crisis, but we all still remember the consequences of ignoring threats to the public finances.

Too few people in my old field of financial services were ever brought to book for their part in the 2008 crash.

As I write in 2012 we certainly do not believe that it is over yet, and the worst may be yet to come. Efforts by governments to solve the underlying problems responsible for the crisis have still not gotten very far, and the 'stress tests' that governments have used to encourage optimism about our financial institutions were of questionable thoroughness.

The Mexican debt crisis, Latin American debt crisis, the crises of the 1990s, the Wall Street stock market crash, and other events should have reminded us, and did remind us, that financial instability remains a concern, remains a problem.

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 assumption that Washington could and would resolve Lehman Brothers without a bankruptcy, as it had Bear Stearns, was the single biggest mistake in the series of mistakes in 2007 and 2008 that led to the financial panic and the ensuing epidemic of job losses.

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

The failure of Lehman may have allowed the government to do more to prop up the economy than it otherwise could.

We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households.

I think there's no question but what the tail end of the Bush administration, Bush-Cheney administration, that we took steps specifically geared to try and free up the financial sector.

Millions of Americans were duped by the federal government and the Federal Reserve into buying homes they could not afford and failed to count the cost. When the financial crisis of 2008 hit, they could not keep up the monthly mortgage payments and defaulted.

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

Hyperinflation can take virtually your entire life's savings, without the government having to bother raising the official tax rate at all.

It's true that monetary policy was too lax for too long, and the government encouraged lending to people who were unlikely to repay their loans.

Governments need to be authorized to provide 'open bank assistance.' The convolutions of Dodd-Frank aimed at 'avoiding' this tactic are ludicrous and will prove to be extremely costly to the system.