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" 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. "

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" The Chinese have done some extraordinary things in terms of the investments they've made in alternative sources of energy. "

Henry Paulson

Things

Extraordinary

Energy

" All of us would like to have our children and their grandchildren grow up with at least the level of prosperity that we had. In the U.S., we seem to be very selfish because the older generation is not making the sacrifices. "

" I prefer to work at the policy level, on trying to fix flawed government policies. "

" Every American business, from the biggest companies to small hardware companies, need money to flow through the system not only to create new jobs but to sustain existing jobs. "

" One of the things I enjoy the most is fishing. "

" I would come to New York, work, and then get out of New York. I didn't go out to dinner with other people on the Management Committee. I didn't socialize. I didn't politick. "

" As I talk with the Chinese on currency, I encourage them to move much more quickly with opening up their capital markets to competition, because I don't believe the world is going to give them as much time as they would like. "

" There is big resistance from vested interests in China that don't want to open up to competition. "

" 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. "

" Every good businessman or woman carefully analyzes all the available facts before making a decision. "

" 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. "

" It is important that China stop its over-reliance on municipal debt to finance infrastructure. I take comfort in the fact that China's leaders understand this. "

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

" China needs a currency that reflects underlying economic fundamentals. "

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

" I have relied on prayer for health care all of my life. "

" 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. "

" As the Indian government has embraced greater economic openness, the creativity and expertise of the Indian workforce has been unleashed onto the world economic stage. "

" 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. "

" When you have a big, ugly problem, there's never going to be a neat, elegant solution that is totally painless or without a cost. "

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

" I see nothing easy in Washington. I see either analytically simple things that are politically complex or those that are politically complex and analytically complex. I mean, look at immigration reform, you know? It is, I think, analytically easy, but politically very, very complex and very difficult. "

" 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. "

" No matter how the financial system is set up, no matter what the economic system is, as long as you have people, you're going to have financial crises; you're going to have bubbles that manifest themselves in the financial system. "

" Foreclosures are a significant problem; they're an economic problem. "

" The income disparity is a huge issue. And I think that the only solution to this - there is no easy solution - are fundamental changes. That the world is changing quicker than our policies are changing. And we need the kinds of policies that will let us have a competitive economy going forward. "

" 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

" My preference is for the Federal Reserve to be the systemic risk regulator, because the responsibility for identifying and limiting potential problems is a natural complement to its role in monetary policy. "

" Anticompetitive practices hurt Chinese private firms nearly as much as foreign ones. "

" Frankly I'm a bit concerned when it comes to U.S.-China relations. "