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Quote by Gavin Friday

“I was a child of the '60s basically, which is a real blank. I really started growing up, I think, in the '70s. I'm a glam-rock kid. But Dublin, Ireland in those days was a very dark place, as in it was a very poor, almost third world. Economically, the whole world is going through a recession at the moment. In the '60s, '70s, and the '80s in Ireland was a real recession. It wasn't a pleasant place.”

Quote by Gavin Friday

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Gavin Friday
Gavin Friday

Gavin Friday, born on October 8, 1959, is a renowned singer-songwriter. His musical style blends various elements, including rock, electronic, and experimental music, which has won him a dedicated fan base. more

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“One of the biggest problems I found with Irish politics and the economic thing was after the war, after World War II, most of the European countries started to develop economically and socially, but whatever way the Catholic church they took a grip and they almost governed the country. I mean, we were almost like a dictatorship. There is good and bad, but we experienced an awful lot of bad, especially from the institutions that taught children the Christian brothers, etc.”

“The Catholic church had a huge profound influence on me in that as you get older you realize that you can't blame everything; that there is good and bad, and things get misdirected. So I would call myself a black Catholic. I still have this attraction to it because all religions I'm not a fan of. I'm a fan of sort of belief in spirituality. So I would be into Christ rather than the Catholics.”

“Investors are trying to work out some risk premiere that have some correspondence with actual risks. But they don't, they're not, they can't go very far that way, because the actual correspondence isn't really there in a lot of cases. So once people stop believing in these stories, and then the crash can come very, very quickly. They believe that house prices are correctly priced for some time and then suddenly they realized there's no real basis for that. But what is the correct price? We don't know that either. It's just that everything swings.”

“There's no automatic mechanism in a market system that reconciles the desire to save and the desire to invest. And therefore, the government has to sort of do something or the Federal Reserve, the Fed, or the Central Bank, or whatever, it has to intervene. It has to create enough investment for the economy not to suffer from a fall in aggregate demand. So, if you don't have a balance within the market system itself, then you need an external balance and that's what I think Keynes believed.”

“What would've happened, do you think, had the government not intervened in October 2008? The catastrophe to the economy would've been absolutely unbelievable. And yet classical economists say, "Oh, well, no, it would've adjusted perfectly happily, a few weeks of pain and then everything would've gone on as before, without a banking system left." And that's what makes it so maddening, that these bankers are back saying it was all the government's fault. The government saved their skins. It didn't want to, but it needed to save their skins in order to save the rest of us.”