Home > Work > First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis
1 " And while the FDIC had emergency authority to wind down failing commercial banks in a swift and orderly fashion, no one had the authority to step in to avoid a chaotic bankruptcy of a major nonbank, to inject capital into a nonbank, or to guarantee its liabilities. "
― Ben S. Bernanke , First Responders: Inside the U.S. Strategy for Fighting the 2007-2009 Global Financial Crisis
2 " In other words, the world will face the threat of financial crises as long as risk-taking and maturity transformation remain central to finance, and as long as humans remain human. Unfortunately, disaster will always be possible. "
3 " Low-quality mortgages ended up imperiling the entire financial system—not so much because of the direct losses on the mortgages themselves, which were significant but likely manageable, but because of the securitization boom, which carved those mortgages into securities that became a ubiquitous form of currency and collateral throughout the system. "
