Timothy F Geithner: Changes in the structure of the US financial system and implications for systemic risk (Central Bank Articles and Speeches)

There are those who regard this type of enterprise that of strengthening the regime for managing financial failures as misdirected. Some think focusing on bank resolution is like devoting resources to redesigning the morgue rather than improving the hospital. Some think that by preparing to deal with crises you make them more likely. I think the wiser judgment is the contrary. In this area at least, if you want peace or stability, it’s better to prepare for war or instability.