Henry Paulson Quotes

The U.S. didn't save enough; we borrowed a lot. There were structural imbalances in Asia with exporters, with oil exporters for a whole variety of things. In terms of the overall economy, we've got challenges and the big focus has got to be on recovery, on repair, and that's going to take a while. 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 a lot of things we could do better. There are some things that you can work on immediately. The first priority is to make sure we have capital to continue to have capital available to put into the financial system. That's the first priority. I understand how important the automakers are to America. And I understand a bankruptcy; a failure in that industry wouldn't be a good thing. It's something we should avoid. There's always light at the end of the tunnel, right? It just depends on how long the tunnel is. I don't think a bankruptcy is a good thing. Let's not forget, what TARP did allowed us to move overnight and put capital into hundreds of banks, and that money came back plus $32 billion. I think history shows that countries have to have some kind of a threshold level of economic success before they begin to have the means and the will to focus on the environment. Size is the enemy of excellence in investment banking, particularly when you are trying to put together two different cultures. When you're boiling in oil, in the middle of a crisis, the challenges are so consuming there is no time for anything else. China has a more assertive, proactive foreign policy as its interests are growing around the world. It is important that China stop its over-reliance on municipal debt to finance infrastructure. I take comfort in the fact that China's leaders understand this. I want to remind you of one thing, which is, when I look around the world and look at the long-term economic fundamentals we have in this country, I think they compare favorably with what I see in any major developed country in the world. As our relationship with China grows and matures, tensions will naturally emerge. After I left Treasury, I think in some ways it was harder to sit there and be writing my book... listening to all the criticism. Foreclosures are a significant problem; they're an economic problem. If the only way you can do well is working more hours than someone else, you're going to lose out because there's always going to be someone who is going to work more. I am suspicious of career engineers, people that plan it out every step of the way. I don't know anyone that says, 'Boy, I had a great career, and I'm happy because I screwed up my life outside of my career, my family life.' There's no one that feels that way. When it comes to the presidency, I will not vote for Donald Trump. I can't help but think what would have happened if a divisive character such as Trump were president during the 2008 financial crisis, at a time when leadership, compromise, and careful analysis were critical. I'd have liked to have been another Faulkner, of course. When I left the Treasury, there was a poll that showed - and I don't remember the numbers exactly right - something like 90% of the people were against TARP. It prevented a disaster, but you don't get credit for a disaster that people don't see. Frankly I'm a bit concerned when it comes to U.S.-China relations. Sovereign wealth fund money should be welcomed. The only way not to welcome that money is when it's politically driven. China's growth and stability is a vital issue for all nations. I'll be voting for Hillary Clinton, with the hope that she can bring Americans together to do the things necessary to strengthen our economy, our environment, and our place in the world.