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“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.”

“My music teacher was like, "Ester, you need to pay attention in class." I'm like, "No miss lady, 'cause I can sing." I didn't want anybody to change the way I sung. I learned by gospel CDs and by watching my momma sing; I didn't need this teacher to tell me. I wish I had, because then I would have learned how to play the damn piano or something. I would have a couple of more things under my belt if I wasn't so hard-headed.”

“A lot of musicians like to do the bass and the drums with analog and get that tape distortion that's really beautiful. As far as the digital world goes - it's all going to end up there anyway, but when you hear vinyl it does a different thing to you. Nowadays, people do CDs and then vinyl so it's everything goes; it's a such a beautiful world.”

“Esperando (Cuando Cuba Sea Libre) is probably one of the most personal songs from the new [September, 2007] CD, "90 Millas" . . . as it really speaks about the celebration, nostalgia and emotion that will happen the day Cuba is free. If we're to move forward in Cuba, we really have to have a lot of forgiveness for each other and look towards the future.”

“Indeed, there is a moment on the first CD - the electrifying opening to "I Got Loaded," which sounds like an R&B standard but isn't - when you might find yourself asking whether anyone who has ever been smitten by pop music can fail to have his heart stopped by the chords, the swing, and, once again, Steve Berlin's wonderfully greasy sax.”

“I listen to everything from, you know, Buddha Bar groove music to international music, Italian music, like Eros. I like very sexy, funky music like Maxwell, Angie Stone, R&B...In my CD player, I've probably got Maxwell, Beyonce, Enrique Iglesias, and kid music...maybe some AC/DC. I mean a little bit of everything. It depends on what I'm doing.”

“There is a string attached to Maia Sharp's voice. And when she sings, you find that the other end is attached to your gut. Her voice is lush and sensual and the emotions she articulates resonate with the small feelings we have that sometimes are hard to face..there is an edge to her songs, but also a softness...she is lyrical and conversational at the same time. Her CD was the only one in my machine for a month. Her work inspires me to dig deeper.”

“We don't believe it's possible to protect digital content. What's new is this amazingly efficient distribution system for stolen property called the Internet-- and no one's gonna shut down the Internet. And it only takes one stolen copy to be on the Internet. And the way we expressed it to them is: Pick one lock--open every door. It only takes one person to pick a lock. Worst case: Somebody just takes the analog outputs of their CD player and rerecords it-- puts it on the Internet. You'll never stop that. So what you have to do is compete with it.”