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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.

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

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

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.

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

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

You need a real crisis before you have reforms.

It is probably the case that some regulation of financing will make crises less likely, and I would say higher capital requirements are an almost fail-safe way to make banks safer. But there are a lot of other things that may not be doing that, and so we need to be careful about sort of, like, rushing to one conclusion or another.

I will not let anyone tell me we must spend more money. This crisis did not come about because we issued too little money but because we created economic growth with too much money and it was not sustainable growth.

During an economic crisis, what matters is that the government keeps its foot on the accelerator.