2008 Financial Crisis Quotes

Mortgage lending became a dirty way to make money. You take people that can't handle credit and try to make very high returns by abusing and encouraging their stupidity—that's not the way I want to make money in banking. You should try to make money by selling people things that are good for the customer.

Banks will not rein themselves in voluntarily. They need adult supervision.

financial industry

We have monetized houses in this country in a way that's never occurred before. Ask Joe how he bought a new Cadillac—from borrowing on his house. . . . We have financial institutions, including those with big names, extending high-cost credit to the least able people. I find a lot of it revolting. Just because it's a free market doesn't mean it's honorable.

financial industry

The whole world is better when you don't reduce engineering standards in finance. We skipped a total disaster by a hair's breadth. . . . I'm a big fan of the people who took us through the crisis. I'm not a big fan of the people who caused the crisis. Some of them deserve to be in the lowest circle of hell.

regulations financial industry