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.

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

Financial crises require governments.

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

The world is likely to view any temporary extension of the income tax cuts for the top two percent as a prelude to a long-term or permanent extension, and that would hurt economic recovery as well by undermining confidence that we're prepared to make a commitment today to bring down our future deficits.

Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system.

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.

We judged that a sudden, disorderly failure of Bear would have brought with it unpredictable but severe consequences for the functioning of the broader financial system and the broader economy, with lower equity prices, further downward pressure on home values, and less access to credit for companies and households.

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.

The major economic policy challenges facing the nation today - pick your favorites among the usual suspects of low public and household savings, concerns about educational quality and achievement, high and rising income inequality, the large imbalances between our social insurance commitments and resources - are not about monetary policy.

And I think it's a prudent, responsible way, given the scale of the emergency, the scale of the damage still facing America, that we finance these additional support for the unemployed as well as the support for small business. We think there's a good case for doing it now. We want to do it in an overall fiscally responsible way.

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.

Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it's better to prepare for war or instability.

As financial markets continue to broaden and deepen, the behavior of asset prices will play an important role in the formulation of monetary policy going forward, perhaps a more important role than in the past.

I personally believe that there's going to be a good case for the government preserving some type of guarantee to make sure that people have the ability to borrow to finance a house even in a very damaging recession. I think there's going to be a good case for that.

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.

Monetary policy itself cannot sensibly be directed at reducing imbalances.

The recognition that things that are not sustainable will eventually come to an end does not give us much of a guide to whether the transition will be calm or exciting.

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.

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

In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.

The rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe.

We will not support returning Fannie and Freddie to the role they played before conservatorship, where they fought to take market share from private competitors while enjoying the privilege of government support.

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

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.

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

It is very important for people to understand that the United States of America and no country around the world can devalue its way to prosperity, to be competitive. It is not a viable, feasible strategy, and we will not engage in it.

But what we're determined to do, and what the reforms will do is to make sure this system goes back to its core purpose of taking the savings of Americans and from investors around the world and allocating those to people with an idea, not just the largest companies in the country, but to small businesses with an idea and a plan for growing.

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

I take great pride in having been able to overcome the Asian financial crisis and seeking the opportunities available to bring about an unprecedented growth in the economy.

I was in the middle of a crossroads, which is a nice way of saying crisis, physically, emotionally and spiritually. You know the physical part. We just talked about it.

We are on the precipice of a crisis, a Constitutional crisis. The checks and balances, which have been at the core of this Republic, are about to be evaporated by the nuclear option. The checks and balances that say if you get 51% of the vote, you don't get your way 100% of the time. It is amazing, it's almost a temper tantrum.

In short, our response as a party should be to work to solve the crises that produce crisis pregnancies, and work to make life worth living for mother and child, rather than victimize the child as a way of dealing with the crisis.

If for no other reason than the energy crisis now facing this country, the federal government should be eager to become partners with us in rebuilding our city.

Our state is in crisis. Our people are hurting. Now is the time when we all must resist the traditional, selfish call to protect your own turf at the cost of our state. It is time to leave the corner, join the sacrifice, come to the center of the room and be part of the solution.

Asean is obviously a very important association for us. Over the past 30 years Asean has made great strides in regional cooperation covering a number of areas, although recently it has been under strain because of the financial crisis and other challenges.

Every crisis offers you extra desired power.

There's nothing like a family crisis, especially a divorce, to force a person to re-evaluate his life.

The crisis that the world finds itself in as it swings on the hinge of a new millennium is located in something deeper than particular ways of organizing political systems and economies.

I believe it is essential for our planetary future to develop tools that can change the consciousness which has created the crisis that we are in.

But the most important thing is, Enron did not cause the California crisis.

Then came the hostage crisis during which Carter did nothing to rattle the ayatollahs who hung tough until Ronald Reagan was inaugurated, when they suddenly backed down.

I really do think that any deep crisis is an opportunity to make your life extraordinary in some way.

I am pleased to see that many of the world's leaders have publicly recognized that the crisis in the Middle East was deliberately incited by terrorist organizations.

I also believed that our public at home would be strong enough to survive even the present crisis.

I understand that it's hard for everyone, but one cannot give in to emotions... we'll have to draw lessons from the current crisis and now we'll have to work on overcoming it.

Life isn't meant to be easy. It's hard to take being on the top - or on the bottom. I guess I'm something of a fatalist. You have to have a sense of history, I think, to survive some of these things... Life is one crisis after another.

Every great crisis of human history is a pass of Thermopylae, and there is always a Leonidas and his three hundred to die in it, if they can not conquer.

It's an interesting line that I walk. The AIDS crisis has done a lot for my songs and made them proliferate, and my songs have contributed a lot to that cause as well.