Quote by Timothy Geithner
There is a basic lesson on financial crises that governments tend to wait too long, underestimate the risks, want to do too little. And it ultimately gets away from them, and they end up spending more money, causing much more damage to the economy.
Summary
This quote highlights a common pattern observed during financial crises. Governments often delay taking action, underestimating the risks and opting for minimal intervention. However, as the situation worsens, their control slips away, leading to increased expenditures in an attempt to contain the crisis. Unfortunately, this reactive approach can cause severe damage to the economy. The quote serves as a reminder of the importance of timely and proactive decision-making to prevent crises from escalating and safeguarding the overall stability of the economy.
Topics
Money
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