Timothy Geithner
Public Servant
1961-08-18
Quotes by Timothy Geithner
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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.
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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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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.
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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.
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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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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.
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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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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.
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