Tuesday, April 7, 2009
In case you missed them, here are some of the best quotes from the last few weeks on the financial crisis:
- "The way Tim Geithner has structured the banking plan, the Obama Administration will, sooner or later, almost certainly be facing another AIG bonuses-type of outrage."
- “Worsening economic figures are being used to confirm that more bailouts are needed rather than that previous ones might be failing. The logic is much like medieval blood letting: The patient died because we didn't drain Enough of his blood.”
- Senior S&L Regulator Says Government Engaging in Massive Cover-Up of Economic Crisis: "The entire strategy is to keep people from getting the facts"
- Nobel economist Paul Krugman: "These days America is looking like the Bernie Madoff of economies: For many years it was held in respect, even awe, but it turns out to have been a fraud all along"
- Nobel economist Joseph Stiglitz: "Quite frankly, this amounts to robbery of the American people. I don't think it's going to work because I think there'll be a lot of anger about putting the losses so much on the shoulder of the American taxpayer."
- Congress Grayson: "Stop stealing our money"
- Economist: "What we have is something perilously close to a dictatorship of the Fed and the Treasury, acting in the interests of Wall Street"
- "The real AIG scandal is that the company's trading partners are getting fully paid rather than taking a haircut."
- Former AIG chief: Government used AIG "to funnel money to other institutions, including foreign banks"
- Analyst: "Technically, the U.S. is already bankrupt because it has a debt that is almost four times the size of its economy"
- Leading economist: ""The Treasury is spreading the fire, not putting it out"
- Nobel Economist Ed Prescott: ""Don’t subsidize inefficiency.... let these businesses go bankrupt. They gambled, they lost. That’s part of life"
- Nobel economist Myron Scholes: Existing over-the-counter CDS should be ""blown up" and closed out"
- TARP watchdog: "We do not seem to be a priority for the Treasury Department"
- TARP watchdog: "The very notion that anyone would infuse money into a financially troubled entity without demanding changes in management is preposterous."
- Obama to Bankers: "“My administration is the only thing between you and the pitchforks."