I've got to say our banking system is a safe and a sound one. And since the days when we've had federal deposit insurance in place, we haven't had a depositor who's got less than $100,000 in an account lose a penny. So the American people can be very, very confident about their accounts in our banking system.
If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution.
There is a time for weighing evidence and a time for acting. And if there's one thing I've learned throughout my work in finance, government, and conservation, it is to act before problems become too big to manage.
India is a vibrant nation whose strength lies in its commitment to equal rights and to speech, religious and economic freedoms that enrich the lives of all citizens. India is not only the world's largest democracy; it is also a secular, pluralistic society committed to inclusive growth.
As long as I can remember, I had a strong interest in fishing, and my parents, even though they had never fished or camped, took us on canoe camping trips in the wilderness of Quetico Provincial Park in Ontario, Canada, where I could fish to my heart's content.
For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.
I've been through periods of stress, turbulence in the market for over the course of my career, various times, and never in any of those other periods have we had the advantage of a strong economy underpinning the markets.
It's better to have the taxpayer pay for the losses than have the United States of America become an economic wasteland. If the financial system collapses, it's really, really hard to put it back together again.
When our markets work, people throughout our economy benefit - Americans seeking to buy a car or buy a home, families borrowing to pay for college, innovators borrowing on the strength of a good idea for a new product or technology, and businesses financing investments that create new jobs.
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.