Some memorable quotes from Day 1 of the World Economic Forum:
“The market has not failed. The market has not been regulated well.” — Dennis Snower, president of the Kiel Institute for the World Economy in Germany.
“The crucial principle in future is that if it looks like a bank and quacks like a bank, we better regulate it like a bank. We have to regulate according to economic substance, not legal form.” — Lord Adair Turner, chairman of Britain’s Financial Services Authority.
“The size of the problem confronting us today is larger than in the 1930s.” — Billionaire philanthropist George Soros.
“Governments can borrow. Banks cannot. The reason they cannot is because no one trusts them. Why should they trust them? They weren’t transparent. They lost trillions of dollars. They created instruments even they didn’t understand.” — Laura Tyson, economist and former economic adviser to President Bill Clinton.
“Don’t let’s lose sight of what creates wealth. It is open markets, it is capitalism.” — Rupert Murdoch, chief executive of News Corp.
“Let us strengthen confidence and work together to bring about a new round of global economic growth.” — Chinese Premier Wen Jiabao.
“We cannot underestimate the challenges and the dangers that we face in 2009. We are in a global recession the likes of which we have never seen. But there is no quick fix.” — Stephen S. Roach, chairman, Asia, Morgan Stanley.