Jack Reed actually said...

"the taxpayer had to step in because there wasn't enough capital in the private sector to cover the risks"

"I think that, again, the traditional roles that said a bank in a bank holding company has access to the discount window, that is where we should get back to."

"we sort of ganged together, papered it over, and went on having learned nothing"

"we allowed fundamental regulatory arbitrage to lead to a very difficult situation"