What were people talking about in 2009? From bank failures and bailouts to fraud and the Fed, 2009 has been quite an interesting year to be in the business of money. Here are some of the most memorable quotes of 2009.

Financial Crisis
"Last year's worst-case scenarios came true. The global financial pandemic that I and others had warned about is now upon us. But we are still only in the early stages of this crisis. My predictions for the coming year, unfortunately, are even more dire: the bubbles, and there were many, have only begun to burst." - Dr. Nouriel Roubini, NYU Professor on the economy.

"What the taxpayer got was an averted calamity." - Former Treasury Secretary Hank Paulson in response to Representative Jackie Speier's sentiment that taxpayers bought Merrill Lynch for Bank of America.

"In the end this is a symptom of a larger problem - a bubble-and-bust economy that valued reckless speculation over responsibility and hard work." – U.S. President Barack Obama on bonuses awarded to AIG executives after the company's multibillion dollar bailout. (Find out why the U.S. government approved an enormous bailout package for American Investment Group in Falling Giant: A Case Study Of AIG.)

"It affects everybody, but I would say to people keep your chin up and keep chugging forward. It will all work out!" - Donald Trump on the tough economy.

Banking
"The world's most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money." – Matt Taibbi of Rolling Stone describing Goldman Sachs.

"Financiers must rediscover the genuinely ethical foundation of their activity." - Pope Benedict XVI.

"[Banks] need a good kick up the bum occasionally." - Wayne Swan, Finance Minister of Australia.

"I get it. I will not spend a single penny for the purpose of rewarding a single Wall Street executive." -U.S. President Barack Obama on the taxpayer bailout of troubled banks.

Monetary Policy
"I had to hold my nose and stop those firms from failing." - Ben Bernanke, U.S. Federal Reserve Chairman.

"The United States economy is now out of the emergency room and appears to be on a slow path to recovery. But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects." - Warren Buffett in an op-ed piece for The New York Times.

"By making what was in effect a multibillion-dollar gift to Wall Street, policy makers undermined their own credibility and put the broader economy at risk." - Paul Krugman in an op-ed piece for The New York Times.

"Our government bailout pushes hundreds of billions of phantom dollars back into the economy to bail out hundreds of billions of dollars of poor decisions. I think that's just nonsense." – Sarah Palin addressing investors in Hong Kong.

Personal Savings
"Pretty much everybody we know's 401(k) is now a 201(k). Why did that happen? Oh my God, nobody expected this housing crisis through no fault of our ownership of stock prices was decimated. Why is that any different than his explanation? We want our 401(k) money back. I want my stock money back." - Rick Santelli regarding President Obama

"The most wealthy, most fortunate, richest 1% of Americans received 75% of the gains in income across the overall economy over the last six to eight years. This restores some basic fairness to the American economy in a fiscally responsible way that will leave our economy stronger for the future." - Treasury Secretary Tim Geithner, regarding the tax cuts during the Bush Administration versus the Obama administration's budget plan.

"I left a legacy of shame. It is something I will live with for the rest of my life." - Bernard Madoff in a court hearing where he was handed a 150-year sentence for defrauding investors. (Due diligence does work, but the loose reporting standards for hedge funds make extra care and attention necessary. Learn more in How To Avoid Falling Prey To The Next Madoff Scam.)

The Bottom Line
Lucky for some of the folks on our list, coming up with a memorable quote doesn't require eloquence, accuracy or sincerity. Regardless of their intent or their delivery, each one definitely made 2009 a year to remember.

Related Articles
  1. Investing

    What’s Holding Back the U.S. Consumer

    Even as job growth has surged and gasoline prices have plunged, U.S. consumers are proving slow to respond and repair their overextended balance sheets.
  2. Economics

    A Look at Greece’s Messy Fiscal Policy

    Investigate the muddy fiscal policy, tax problems, and inability to institute austerity that created the Greek crises in 2010 and 2015.
  3. Economics

    How Do Asset Bubbles Cause Recessions?

    Understand how asset bubbles often lead to deep, protracted recessions. Read about historical examples of recessions preceded by asset bubbles.
  4. Investing News

    What Shook the U.S. Stock Market Today?

    What was looking as a decent year for US Stock market has suddenly gone off track as the Dow Jones Industrial Average plunged 531 points in the week ending August 23, 2015.
  5. Insurance

    How to Shop for Home Insurance

    Tips for getting the best protection for your place and possessions.
  6. Professionals

    Why Investors Should Consider Cash Right Now

    With so many market watchers thinking that the current stock rally is getting long in the tooth, investors might considering upping their cash holdings.
  7. Stock Analysis

    How GM Keeps on Truckin'

    Following a giant bailout and a giant IPO, the new GM is carried by sales of its giant trucks. But is it profitable?
  8. Investing News

    Does the Empire State Index Signal a Recession?

    This morning, the New York Federal Reserve Bank reported the worst numbers in six years for its August 2015 Empire State Manufacturing Survey, indicating not only a potential economic slowdown ...
  9. Retirement

    3 Reasons Your 401(k) Is Not Enough for Retirement

    Learn the basic structure of a 401(k), and a number of reasons why it may not be substantial enough to secure an individual's living upon retirement.
  10. Term

    The Legacy of Basel I

    Basel I refers to a set of international banking rules enacted in 1988 by the Basel Committee on Bank Supervision.
RELATED TERMS
  1. The New Deal

    A series of domestic programs designed to help the United States ...
  2. Equitable Division

    A legal theory that guides how property acquired during the course ...
  3. Global Recession

    An extended period of economic decline around the world. The ...
  4. The Great Recession

    The steep decline in economic activity during the late 2000s, ...
  5. Appraisal Management Company - ...

    An independent entity through which mortgage lenders order residential ...
  6. Helicopter Drop

    A hypothetical, unconventional tool of monetary policy that involves ...
RELATED FAQS
  1. Can I use my IRA savings to start my own savings?

    While there is no legal reason why you cannot withdraw funds from your IRA to start a traditional savings account, it is ... Read Full Answer >>
  2. How soon should I start saving for retirement?

    The best answer to the question, "How soon should I start saving for retirement?", is probably, "yesterday," and the second ... Read Full Answer >>
  3. Can I use my 401(k) as a collateral for a loan?

    Although federal Internal Revenue Service, or IRS, regulations prohibit using a 401(k) account as collateral for a loan, ... Read Full Answer >>
  4. How does the risk of investing in the industrial sector compare to the broader market?

    There is increased risk when investing in the industrial sector compared to the broader market due to high debt loads and ... Read Full Answer >>
  5. How can I hedge my portfolio to protect from a decline in the retail sector?

    The retail sector provides growth investors with a great opportunity for better-than-average gains during periods of market ... Read Full Answer >>
  6. What is the correlation between term structure of interest rates and recessions?

    There is no question that interest rates have enormous macroeconomic importance. Many economists and analysts believe the ... Read Full Answer >>

You May Also Like

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!