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" 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. "

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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

" I supported some very, very objectionable things in terms of bailouts or rescues, but I did it not for Wall Street, but for the American people. "

" What began as a subprime lending problem has spread to other, less risky mortgages and contributed to excess home inventories that have pushed down home prices for responsible homeowners. "

" When you run a company, you want to hand it off in better shape than you found it. In the same way, just as we shouldn't leave our children or grandchildren with mountains of national debt and unsustainable entitlement programs, we shouldn't leave them with the economic and environmental costs of climate change. "

" I think the Chinese are wise. After all, they know the U.S. is in a very different league than Russia. The U.S. is the major power in the world, and the US-China relationship... is very important to global stability, to sustain global economic growth. "

" The Treasury Department has a critical role to play in helping to set the direction of a U.S. and global economy, a role that reaches back to America's founding. "

" My dad was somewhat of a naturalist and used to teach us about different birds and trees. So did a fifth grade teacher who made a lasting impact on me; to this day, I remember his lessons about counting the needles on pine trees, seeing if they are twisted or straight, and about checking the tips of oak leaves to see if they are pointed or lobed. "

Henry Paulson

Teacher

Trees

" There is a very real danger that financial regulation will become a wolf in sheep's clothing. "

" We don't have the necessary laws or powers to deal with failing non-bank institutions. If they're a big bank, the depositor has deposit insurance, and the regulators can wind them down without throwing them into bankruptcy. "

" For decades, Indians have immigrated to the United States, joined our communities, and raised their families while maintaining their cultural heritage. "

" I didn't get the charm gene. "

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

" 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. "

Henry Paulson

Think

Oil

" 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. "

" China and the U.S. are the two largest importers of oil. They are the two largest emitters of carbon. "

" Every global concern - economic, environmental or security-related - can be addressed more effectively when the U.S. and China work together. "

Henry Paulson

Environmental

Together

" 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. "

" A study by Treasury economists estimated that a country with a tax rate one percentage point lower than another country's attracts 3 percent more capital. It's not surprising then, that average OECD corporate tax rates have trended steadily downward. "

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

" 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. "

" 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. "

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

" 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. "

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

" 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. "

" The cheapest and cleanest energy is the energy you don't use. "

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

" Sovereign wealth fund money should be welcomed. The only way not to welcome that money is when it's politically driven. "

" 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'm a straightforward person. I like to be direct with people. "

Henry Paulson

People

Person