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Timothy Geithner

Financial crises require governments.

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Monetary policy itself cannot sensibly be directed at reducing imbalances.

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The choice is between which mistake is easier to correct: underdoing it or overdoing it.

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The plausible outcomes range from the gradual and benign to the more precipitous and damaging.

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Most consequential choices involve shades of gray, and some fog is often useful in getting things done.

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The government can help, but we need to make this transition now to a recovery led by private investment, private.

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The substantial uncertainty about the path of asset price movements going forward necessarily reduces the case for altering policy in advance of the move.

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I think we're not going to preserve Fannie and Freddie in anything like their current form. We're going to have to bring fundamental change to that market.

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This crisis is not simply a more severe version of the usual business cycle recession, the typical downturn in which economies ultimately adjust and stabilize.

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Never before in modern times has so much of the world been simultaneously hit by a confluence of economic and financial turmoil such as we are now living through.

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