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Most consequential choices involve shades of gray, and some fog is often useful in getting things done.

Financial crises require governments.

It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to be competitive. It is not a viable, feasible strategy, and we will not engage in it.

From Timothy Geithner

There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.

From Timothy Geithner

Monetary policy itself cannot sensibly be directed at reducing imbalances.

From Timothy Geithner

The plausible outcomes range from the gradual and benign to the more precipitous and damaging.

From Timothy Geithner

The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.

From Timothy Geithner

As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past.

From Timothy Geithner

Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it's better to prepare for war or instability.

From Timothy Geithner

The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy.

From Timothy Geithner

Timothy Geithner

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