Financial Institutions Quotes - Page 2

• It isn't given to man to be able to run a financial institution where different interest-rate scenarios will prevail on all of that so as to produce kind of smooth, regular earnings from a very large base to start with.

  Warren Buffett

  Running, Men, Able

  Source: hurricanecapital.wordpress.com

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• Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.

  Thomas Sowell

  Real, People, Swim

  "A Political "Solution": Part II" by Thomas Sowell, www.realclearpolitics.com. September 23, 2008.

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• Securities based on risky mortgages are what toppled financial institutions but it was the government that made the mortgages risky in the first place, by making home-ownership statistics the holy grail, for which everything else was to be sacrificed, including commonsense standards for making home loans.

  Thomas Sowell

  Home, Government, Holy Grail

  Thomas Sowell (2011). “Dismantling America and Other Controversial Essays (Large Print 16pt)”, p.44, ReadHowYouWant.com

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• No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.

  Thomas Sowell

  Wall, Home, Heart

  Thomas Sowell (2011). “Dismantling America and Other Controversial Essays (Large Print 16pt)”, p.42, ReadHowYouWant.com

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• People.. were poor not because they were stupid or lazy. They worked all day long, doing complex physical tasks. They were poor because the financial institution in the country did not help them widen their economic base.

  Muhammad Yunus

  Country, Stupid, Long

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• Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.

  Seth Klarman

  Responsibility, Agency, Government

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• I do not understand how it is that financial institutions could think that they could take taxpayer money and then turn around and act like it's business as usual. I don't understand how they can't see that the world has changed in a fundamental way, that it is not business as usual when you take taxpayer dollars.

  Elizabeth Warren

  Thinking, Usual, Dollars

  "Elizabeth Warren: Bank Bonuses Leave Me “Speechless”, www.huffingtonpost.com. March 18, 2010.

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• Accountability for the largest financial institutions on Wall Street is the bedrock for a strong economy. Hard-working families and honest businesses cannot survive in a world where the rules don’t keep the marketplace honest.

  Elizabeth Warren

  Strong, Wall, Hard Work

  "Elizabeth Warren: Our Populist Agenda — In Her Own Words" by Roger Hickey, www.huffingtonpost.com. January 4, 2015.

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• Our overriding goal in restructuring our financial architecture should be that taxpayers never again have to save a failing financial institution.

  Henry Paulson

  Goal, Architecture, Financial

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• You have no ability, if you're a financial institution and you're threatened with criminal prosecution, you have no ability to negotiate.

  Warren Buffett

  Criminals, Financial, Institutions

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• We've had a number of economists supporting our legislation. And here's where we are. The American people can judge. Six largest financial institutions in America today have assets of roughly $10 trillion; equivalent to 58 percent of the GDP of the United States of America.

  Bernie Sanders

  Gdp, Numbers, America

  Bernie Sanders during Democratic Presidential Candidates Debate at the University of New Hampshire in Durham, New Hampshire, www.nytimes.com. February 5, 2016.

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• A lot of ambitious code has been written into the law for those and we will have to see if it actually works, if we have another example of a big financial institution going bankrupt.

  Robert F. Engle

  Law, Ambitious, Example

  Source: bigthink.com

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• Right, we've got these institutions of media, these financial institutions, we have the means of distribution, we have the means of production, we have all these markets and maxims in place. How do we alter the consciousness, the fundamental unifying field? How do we influence change on that level to all of the world?

  Russell Brand

  Mean, Media, World

  "Interview with Russell Brand, Daniel Pinchbeck, & Graham Hancock". Interview, www.marandapleasantmedia.com.

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• I have no interest in increasing the size of government. I just want to make sure we have got a smart government that is regulating, for example, the financial institutions smartly, so I don't have to engage in any kind of bank bailouts.

  Barack Obama

  Smart, Government, Example

  Source: www.realclearpolitics.com

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• I think it's been, you know, kind of like a tragic play to this point. But at this point, I think it's clear, and will be clear to the majority of the Congress. I think it's clear to the American people that there is only one countervailing force to a world where financial institutions are trying to sell instruments every day and where credit has dried up, and that's the United States Treasury.

  Warren Buffett

  Thinking, Play, People

  "Warren Buffett: I Haven't Seen As Much Economic Fear In My Adult Lifetime". "Charlie Rose", www.cnbc.com. October 1, 2008.

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• I have great, great confidence in our capital markets and in our financial institutions. Our financial institutions, banks and investment banks, are strong. Our capital markets are resilient. They're efficient. They're flexible.

  Henry Paulson

  Strong, Financial, Investment

  "Commentary: White House caught napping on financial crisis" by Campbell Brown, www.cnn.com. September 24, 2008.

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• Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago - because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world.

  William K. Black

  Keys, Years, Leaving

  "Too Big to Jail?". Interview with Bill Moyers, billmoyers.com. October 3, 2014.

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• What's more, sharia finance is another tool of Islamic separatism; instead of assimilating into American society, Muslims are demanding, and receiving, parallel financial institutions that reinforce the idea that they are unique, not subject to the laws and norms to which the rest of us are subject-a privileged class. At the same time, sharia finance initiatives are giving Islamic interests increased control over Western economic life.

  Robert Spencer

  Islamic, Unique, Law

  Robert Spencer (2008). “Stealth Jihad: How Radical Islam Is Subverting America without Guns or Bombs”, p.185, Regnery Publishing

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• Congressman Frank and Senator Dodd wanted the government to push financial institutions to lend to people they would not lend to otherwise, because of the risk of default. ... The idea that politicians can assess risks better than people who have spent their whole careers assessing risks should have been so obviously absurd that no one would take it seriously.

  Thomas Sowell

  Government, Should Have, Careers

  "Bailout Politics" by Thomas Sowell, www.realclearpolitics.com. September 30, 2008.

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• RE: GSEs like Freddie Mac & Fannie Mae: "creditors will continue to underprice the risk-taking of these financial institutions, overfund them, and fail to provide effective market discipline Facing prices that are too low, systemically important firms will take on too much risk."

  Gary H. Stern

  Philosophy, Discipline, Political

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• Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.

  Paul Krugman

  Strong, Jobs, Philosophy

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• Perhaps more to the point for TBTF (Too Big To Fail bank), if a SIFI (Systemically Important Financial Institution) does fail I have little doubt that private investors will in fact bear the losses-even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution

  Jeremy C. Stein

  Loss, Political, Doubt

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• Concentrating wealth in the hands of the few and deregulating financial institutions and practices lead to speculative bubbles that eventually burst — and that brings the whole country down.

  Jennifer Granholm

  Country, Practice, Hands

  "Facts show Democrats are job creators" by Jennifer Granholm, www.politico.com. May 15, 2012.

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• So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.

  John C. Bogle

  Pals, Elements, Firsts

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• The four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again. . . . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work.

  Martin Wolf

  Data, Risk, Doubt

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