The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.

A clear lesson of history is that a 'sine qua non' for sustained economic recovery following a financial crisis is a thoroughgoing repair of the financial system.

As we try to make the financial system safer, we must inevitably confront the problem of moral hazard.

The Libor system is structurally flawed. It is a major problem for our financial system and for the confidence in the financial system. We need to address it.

I and others were mistaken early on in saying that the subprime crisis would be contained. The causal relationship between the housing problem and the broad financial system was very complex and difficult to predict.

The financial crisis that began in the summer of 2007 was an extraordinarily complex event with multiple causes.