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" I grew up on a working farm. It was small, a hundred acres, but we had cows and pigs and chickens and sheep and a vegetable garden. I spent hours pulling weeds, hoeing, feeding the horses, cleaning out the stalls. My dad was a tough taskmaster. I always worked, but we also had fun. "

Henry Paulson

Cleaning

Small

Tough

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" China has a more assertive, proactive foreign policy as its interests are growing around the world. "

Henry Paulson

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" I'd have liked to have been another Faulkner, of course. "

" Our overriding goal in restructuring our financial architecture should be that taxpayers never again have to save a failing financial institution. "

" 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. "

" A Fed loan to Lehman Brothers would not have prevented a bankruptcy. "

" 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 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. "

" Illiquid asset purchases are all about capital and encouraging private capital to come in. "

" When companies fail, shareholders bear the losses. It's just the way our system is supposed to work. "

" 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. "

" I've never been antiregulation. I've always believed that raw, unregulated capitalism doesn't work. "

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

" Taxpayer money should not have to be spent to save a misguided and mismanaged enterprise. "

" Complexity and interconnectedness matter as much as size in assessing risk in banking. "

" U.S. exports to China have more than quintupled since China entered the WTO and have grown more quickly than imports. In fact, China is America's fastest-growing export market. "

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" One of the most constant aspects of American life is change - and nowhere is it more evident than in our financial markets. "

" 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. "

" When you're boiling in oil, in the middle of a crisis, the challenges are so consuming there is no time for anything else. "

" As a Christian Scientist, I don't go to doctors and get diagnoses. "

Henry Paulson

Christian

Scientist

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

" Regulation needs to catch up with innovation. "

" I've long believed the environmental issue is an economic issue and a political issue. The three are entwined. You can't build prosperity on any basis other than a long-term basis, and you can't do that if you don't have a healthy environment. "

" We have institutions that have been allowed to become too big to fail because we had all kinds of flaws in our financial infrastructure, in the whole way over-the-counter derivatives work. "

" Economic growth and environmental protection are not at odds. They're opposite sides of the same coin if you're looking at longer-term prosperity. "

" 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. "

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

" A state-based regulatory system is quite burdensome. It allows price controls to create market distortions. It can hinder development of national products and can directly impact the competitiveness of U.S. insurers. "

" I happen to think that global slowdown, the slowdown in investment, strengthening dollar probably provide more of a headwind than we get from the decline in oil prices. "

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Oil

" 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. "

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Behind

Going

" As Americans, we shouldn't like bailouts. Where I come from, if someone takes a risk and they're going to make the profit from that risk, they shouldn't have the taxpayer pay for the losses. "

Henry Paulson

Risk

Pay