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Crisis Quotes

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Crisis Quotes

“People rightly want our political leaders - on all sides - to concentrate on minimising the damage to jobs, living standards and our savings from the banking crisis.”

People Want Jobs Political Sides Leader Standards Crisis Saving Damage Banking Savings Political Leaders Banking Crisis

Author:Lucy Powell

“To combat depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about; because we are suffering from a misdirection of production, we want to create further misdirection -- a procedure which can only lead to a much more severe crisis as soon as the credit expansion comes to an end.”

Want Mean Ends Suffering Evil Economics Crisis Productions Credit Cures Deception Combat Expansion Severe Banking Procedures Very Mean Misdirection

Author:Friedrich August von Hayek

“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country.”

Source: The Lincoln encyclopedia: the spoken and written words of A. Lincoln arranged for ready reference

“Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending”

Thinking Problem Economics Crisis Addiction Greed Debt Spending Cures Substance Experts Economist Banking Bankers Sucker Debt Crisis

Book:The Bed of Procrustes: Philosophical and Practical Aphorisms

Source: The Bed of Procrustes: Philosophical and Practical Aphorisms

“This crisis started probably due to the freedom they gave to the banks. First President [Ronald] Reagan and then President [Bill] Clinton. So, for [Barack] Obama it is extremely difficult to change now, to find a way to organize this banking system [differently].”

Way Firsts Difficult President Crisis Bills Clinton Dues Barack Organize Banking Banking System President Bill Clinton President Ronald Reagan

Author:Costa-Gavras

“By means of the banking system the distribution of capital as a special business, a social function, is taken out of the hands of the private capitalists and usurers. But at the same time, banking and credit become the most effective means of driving captialist production beyond its own limits and one of the most effective vehicles of crises and swindle.”

Mean Hands Social Taken Special Limits Function Crisis Productions Credit Driving Capitalist Vehicle Banking Distribution Banking System

Book:Karl Marx, Frederick Engels: Karl Marx: Capital, Vol. 3

Source: Karl Marx, Frederick Engels: Karl Marx: Capital, Vol. 3

“Much of the shadow banking sector, a major contributor to the economic crisis, was also only possible because of taxhaven secrecy.”

Economic Majors Shadow Crisis Banking Secrecy Contributors Economic Crisis

Author:Vince Cable

“On the one hand, I loved being a banker. I loved how numbers could tell a story and how you can invest in ideas and see them translate into products and services and create jobs. What I didn't like, particularly where I was working in Brazil during the debt crisis of the early '80s, was how the poor were excluded from the banking system. I made the decision to try and experiment with whether we could use the tools of banking to extend the benefits of the economy to the poor.”

“Barack Obama is telling the banking industry what it can and can't charge and what profit he will accept and what level of profit he won't accept. Bill Clinton and Jimmy Carter came up with this scheme that resulted in the subprime mortgage crisis. They said it was unfair that poor and minority people didn't have houses, so we're basically gonna give 'em houses. How are we gonna do that? We're going to make the banks loan them money, knowing full well they can't pay it back.”

“It's just very hard to teach a class of students about what has happened in the Global Financial Crisis, how we ended up there and how we got to where we are today, without having some basic, non-trivial understanding of the financial sector, credit, and the banking system.”

Hard Today Understanding Class Teach Happened Students Crisis Financial Credit Banking Financial Crisis Banking System

Author:Alan M. Taylor

“Well what would happen is that if Greece defaulted and couldn't pay its debts, all the Greek bonds that are held in other banking systems across Western Europe would suddenly have no value. You could as a knock-on effect create a banking crisis in Western Europe.”

Ifs Wells Happens Values Pay Effects Europe Crisis Western Debt Greek Banking Greece Banking System Western Europe Banking Crisis

Author:John Major

“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country... corporations have been enthroned and an era of corruption in high places will follow, and the money power of the country will endeavor to prolong its reign by working upon the prejudices of the people until all wealth is aggregated in a few hands and the Republic is destroyed.”

“Anyone interested in the past, present, or future of banking and financial crises should read The Bankers' New Clothes. Admati and Hellwig provide a forceful and accessible analysis of the recent financial crisis and offer proposals to prevent future financial failures. While controversial, these proposals--whether you agree or disagree with them--will force you to think through the problems and solutions.”

“And the banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place.”

Believe Stills Hard Powerful Crisis Historical Hills Most Powerful Banking Bankers Capitol Hard To Believe Bankers And Banks Capitol Hill Banking Crisis

Author:Dick Durbin

“We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.”

People America Situation Study Worst Century Majors Crisis Financial Quarters Banking Financial System Banking Crisis

Author:Lawrence Summers