Quotessence
Home / Quotes / Quote by Said Elias Dawlabani

Quote by Said Elias Dawlabani

“The job of the Federal Reserve is “to know when to remove the punch bowl at the party.” Under Alan Greenspan’s leadership its motto became “let’s all get drunk and see what happens.” It is now the morning after and the world will be dealing with Greenspan’s hangover for the next several decades.”

Quote by Said Elias Dawlabani

Book:MEMEnomics: The Next Generation Economic System
Create image

Work

MEMEnomics: The Next Generation Economic System

Browse quotes and source details for this work. more

Author

Said Elias Dawlabani

Browse famous quotes and profile details for Said Elias Dawlabani. more

You May Also Like

“Say Bank A is holding $10 million in A-minus-rated IBM bonds. It goes to Bank B and makes a deal: we’ll pay you $50,000 a year for five years and in exchange, you agree to pay us $10 million if IBM defaults sometime in the next five years—which of course it won’t, since IBM never defaults. If Bank B agrees, Bank A can then go to the Basel regulators and say, “Hey, we’re insured if something goes wrong with our IBM holdings. So don’t count that as money we have at risk. Let us lend a higher percentage of our capital, now that we’re insured.” It’s a win-win. Bank B makes, basically, a free $250,000. Bank A, meanwhile, gets to lend out another few million more dollars, since its $10 million in IBM bonds is no longer counted as at-risk capital. That was the way it was supposed to work. But two developments helped turn the CDS from a semisensible way for banks to insure themselves against risk into an explosive tool for turbo leverage across the planet. One is that no regulations were created to make sure that at least one of the two parties in the CDS had some kind of stake in the underlying bond. The so-called naked default swap allowed Bank A to take out insurance with Bank B not only on its own IBM holdings, but on, say, the soon-to-be-worthless America Online stock Bank X has in its portfolio. This is sort of like allowing people to buy life insurance on total strangers with late-stage lung cancer—total insanity. The other factor was that there were no regulations that dictated that Bank B had to have any money at all before it offered to sell this CDS insurance.”

CdsCredit Default SwapNaked Default Swap
Book:Griftopia: Bubble Machines, Vampire Squids, and the Long Con That Is Breaking America
Create image

“Jack tried to reason himself into leaving but he couldn’t escape the lure of the big win, he couldn’t leave until it was his or there was no choice left, no choice left meant no change left. Still, the nudges kept coming, the cherries, never enough money to leave, always just enough left to keep going. Jack was in his own private nightmare; maybe this was where he belonged. Finally, he lost it all, losing always felt good but never as good as this.”

AddictionGamblingSlot MachinesAddictive Behaviour
Book:New Reform
Create image

“One bedrock tenet of the Oxford Group, however, would influence AA for years to come: an absolute opposition to medical or psychological explanations for human failings and thus a complete prohibition on professional treatment of any kind.”

AddictionRecoverySobrietyRehabGamblers AnonymousGam AnonAlcoholics Anonymous12 Step ProgramAaAl Anon
Book:The Sober Truth: Debunking the Bad Science Behind 12-Step Programs and the Rehab Industry
Create image

“When Bill Wilson sat down to write Alcoholics Anonymous, he first prayed for guidance. The Twelve Steps themselves reportedly came to him in a single inspiration. (He identified the number twelve with the Twelve Apostles, and felt that this was a fitting number.)”

AddictionRecoverySobrietyRehabGamblers AnonymousGam AnonAlcoholics Anonymous12 Step ProgramAaAl Anon
Book:The Sober Truth: Debunking the Bad Science Behind 12-Step Programs and the Rehab Industry
Create image

“So devoted were AA’s early members to burnishing the reputation of their fledgling organization, in fact, that when when one member, Morgan R., secured an interview on a widely popular radio show, members kept him locked in a hotel room “for several days under 24 hour watch” out of fear that he would drink before the show. When the interview went off successfully, another early backer, Hank P., mailed twenty thousand postcards to doctors, urging them to purchase Alcoholics Anonymous.”

AddictionRecoverySobrietyRehabGamblers AnonymousGam AnonAlcoholics Anonymous12 Step ProgramAaAl Anon
Book:The Sober Truth: Debunking the Bad Science Behind 12-Step Programs and the Rehab Industry
Create image