What Timothy Geithner Really Thinks

Geithner paused for a moment. “Can you design a system ever that allows you to be indifferent to the failure of any institution, in any state of the world?” he asked aloud before answering his own question. “You can design a system, and I think we have, that allows you to be indifferent in most states of the world: the five-year flood, the 15-year flood, the 30-year flood, maybe even the 50-year flood,” he said. “But there are constellations of storms, of panics, of fires that are so bad that it’s very hard to imagine that you could be indifferent to the failure of the financial system.”

→ The New York Times Magazine