"We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises"
- Lawrence Summers
About this Quote
This quote by Lawrence Summers is describing the financial crisis of 2007-2008, which was one of the worst financial crises considering that the Great Depression. Summertimes is suggesting that in the future, when individuals look back on this crisis, it will be remembered as one of the major banking crises of the 21st century. He is stressing the seriousness of the situation that the US was in at the time, and the fact that it was inherited by the present administration. This quote acts as a tip of the importance of monetary guideline and the requirement to be gotten ready for future crises. It likewise works as a warning to future generations to be aware of the potential for monetary crises and to take steps to avoid them.