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" From the beginning of time, we've had financial crises. People always blame the banks and for good reason. When you look for the root causes, they're almost always failed government policies. "

Henry Paulson

Good

Beginning

People

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" I think it is asking a lot for regulators to be perfect - because they won't be. "

" I've always said to everyone that ever worked for me, if you get too dug in on a position, the facts change, and you don't change to adapt to the facts, you will never be successful. "

Henry Paulson

Change

Facts

" 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. "

" We've had crooks from the beginning of time... it's always very interesting and troubling why good people do bad things. "

" I know the automakers are important to the United States. We care about the automobile industry. "

" I grew up on a farm - I know the smell of horse manure. It does smell better than pig manure. "

" I can't help but think what would have happened if a divisive character such as Trump were president during the 2008 financial crisis, at a time when leadership, compromise, and careful analysis were critical. "

" 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. "

" My focus is on the financial sector, on getting credit going, getting lending flowing. I can't imagine anything that would have a bigger stimulative impact. "

" 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. "

" From the time the kids were in upper grade school and middle school, we took trips over the Christmas break to nature-focused places, such as the Okefenokee Swamp and Cumberland Island in Georgia; Costa Rica; Maho Bay campground in St. John, Virgin Islands; the llanos of Venezuela; the southern coast and highlands of Belize. "

" The U.S. and China need to take steps - mostly individually, sometimes together - that will have the mutually beneficial effect of supporting and sustaining economic growth. "

" I was secretary of the Treasury when the credit bubble burst, so I think it's fair to say that I know a little bit about risk, assessing outcomes, and problem-solving. "

" We need a new tax system. We need entitlement reform. We need immigration reform. These are not easy things. But it is going to take our political system working better. "

" When I worry about risks, I worry about the biggest ones, particularly those that are difficult to predict - the ones I call small but deep holes. While odds are you will avoid them, if you do fall in one, it's a long way down and nearly impossible to claw your way out. "

" I always told people in the private sector, 'You can be the smartest person in the world, you can have the very best ideas, but if you can't sell them and you can't get other people to work with you, you're not going to succeed.' "

" There's a great lack of financial literacy and understanding in this nation, even among college-educated people. "

" An AIG failure would have been devastating to the financial system and to the economy. "

" After I left Treasury, I think in some ways it was harder to sit there and be writing my book... listening to all the criticism. "

" It is the policy of the federal government to use all resources at its disposal to make our financial system stronger. "

" I look forward to the day when China has a truly market-determined solution... To get there, you need to have a currency that is market-determined, an open capital market, and you are going to need a competitive, open financial system. "

" Until we stem the housing correction, until the biggest part of that is behind us and we have more stability in housing prices, we're going to continue to have turmoil in the financial markets. "

Henry Paulson

Behind

Going

" I grew up with a strong set of values - and one was never judging someone by how much money they had. "

" America is the land of opportunity. We need to be vigilant in ensuring that each and every American has the opportunity to acquire the skills to compete and to see those skills rewarded in the marketplace. "

" I think all governments engage in intelligence gathering vis-a-vis other governments. "

" I believe that the root cause of every financial crisis, the root cause, is flawed government policies. "

" I never cared about money. When I was at school, I never wanted a car. I was focused on sports, studies, camping, being outdoors. "

" Simply put, a Trump presidency is unthinkable. "

" Size is the enemy of excellence in investment banking, particularly when you are trying to put together two different cultures. "