Saturday, July 2, 2011

Tim Geithner at Dartmouth

Courtesy of Andrew Samwick:

A few choice quotes:

"If you look at any history of financial crises, the speed with which growth went from negative to positive, the speed with which we've had stability come back to financial markets -- costs of credit coming down, equity prices, wealth, start to rise again -- was incredibly quick, relative to any experience we've had."

"If you look at the cost of this intervention we designed, even conservatively, today, it's going to be even less than one percent of GDP, less than one third the cost of the S&L crisis, an incredibly cost-effective, creative rescue of the financial system."

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