Quote by Timothy Geithner
This crisis exposed very significant problems in the financial systems of the United States and some other major economies. Innovation got too far out in front of the knowledge of risk.
Summary
This quote suggests that the financial systems of the United States and other major economies were deeply flawed and vulnerable during the recent crisis. It highlights the excessive focus on innovation without adequately understanding the potential risks associated with it. The quote implies that the fast-paced development and adoption of financial tools and practices exceeded the level of knowledge and expertise available to manage and assess potential hazards. This lack of understanding contributed to the vulnerability and ultimately led to the crisis.
Topics
Knowledge
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