Life Is Amazingly Unpredictable; Any 22-year-old Who

I And Others Were Mistaken Early On In Saying That The Subprime Crisis Would Be Contained. The Causal Relationship Between The Housing Problem And The Broad Financial System Was Very Complex And Difficult To Predict.

Nobody Likes To Fail But Failure Is An Essential Part Of Life And Of Learning. If Your Uniform Isn't Dirty, You Haven't Been In The Game.

The Economic Repercussions Of A Stock Market Crash Depend Less On The Severity Of The Crash Itself Than On The Response Of Economic Policymakers, Particularly Central Bankers.

Both Humanity's Capacity To Innovate And The Incentives To Innovate Are Greater Today Than At Any Other Time In History.

Given The Central Role Of Effective, Firmwide Risk Management In Maintaining Strong Financial Institutions, It Is Clear That Supervisors Must Redouble Their Efforts To Help Organizations Improve Their Risk-management Practices...we Are Also Considering The Need For Additional Or Revised Supervisory Guidance Regarding Various Aspects Of Risk Management, Including Further Emphasis On The Need For An Enterprise-wide Perspective When Assessing Risk.