I believe that the root cause of every financial crisis, the root cause, is flawed government policies

I believe that the root cause of every financial crisis, the root cause, is flawed government policies

For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.

There is no way to stabilize the markets other than through government intervention.

There are two issues that people sometimes confuse, but they're very closely related. There is the strength and the stability of the American financial system. And it's very important that that system remain stable and remain strong and lending is very important to consumers. Secondly, the economy. And what has gone on in financial system is impacting the economy. And as the economy is turning down, it is very important that lending continue to be available and be available to consumers. So what we're doing with this facility is to support - is to support consumer lending.

There's always light at the end of the tunnel, right? It just depends on how long the tunnel is.

An open, competitive, and liberalized financial market can effectively allocate scarce resources in a manner that promotes stability and prosperity far better than governmental intervention.