Quote

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.

I often say to entrepreneurs, 'If Lehman Brothers were Lehman Brothers & Sisters, it wouldn't have gone into bankruptcy.'

We cannot allow the bankruptcy of a euro member state like Greece to turn into a second Lehman Brothers.

There was no avoiding the fact that we were going to hit our debt ceiling.

If we didn't propose these reforms, we would not have proposed a budget that got the debt under control.

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.

I never once considered that it was appropriate to put taxpayer money on the line in resolving Lehman Brothers.

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

There's something called, 'resolution authority,' which gives the government the power to takeover a failing bank - something they didn't have pre-Lehman Brothers.

It will not be possible to solve the current crisis with euro bonds.