“The risks of moral hazard were simply outweighed by the need to act and act dramatically and act quickly.” — FDIC Chairman Sheila Bair, responding to charges that the current rescue plan shelters banks from the consequences of their actions.

“It just means we’ve lost one tool and we’re going to have to make shore that we compensate.” — Comptroller of the Currency John Dugan, noting that the examination process will have to substitute for market-based capital discipline.