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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.

Although this crisis in some ways started in the United States, it is a global crisis. We bear a substantial share of the responsibility for what has happened, but factors that made the crisis so acute and so difficult to contain lie in a broader set of global forces that built up in the years before the start of our current troubles.

Financial crises are like fireworks: they illuminate the sky even as they go pop.

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

I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.

The main thing during a crisis is discipline, to begin investing in time again after the crisis subsides.

Not every business cycle has a financial crisis. Frequently they do.

The financial and economic crash of 2008, the worst in over 75 years, is a major geopolitical setback for the United States and Europe.

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.

There has been a banking crisis, a financial crisis, an economic crisis, a social crisis, a geostrategic crisis and an environmental crisis. That's considerable in a country that's used to being protected.