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Financial crises require governments.

Capitalism is in crisis.

The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

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.

On Wall Street, financial crisis destroys jobs. Here in Washington, it creates them. The rest is just details.

Now financial liberalization is just a catastrophe waiting to happen, and there are very well understood reasons for that.

The miserable failures of capitalist economies in the Great Depression were root causes of worldwide social and political disasters.

The post-crisis perception, at least in the media, appears to be one of Americans being held down by Wall Street, by big companies in the private sector, and by the wealthy. Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it.

This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.

Fiscal crises often turn into financial crises, dealing a blow to the real economy.