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Economic Quotes

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Economic Quotes

“The White House has finally found one guy that kinda remembers serving with President Bush in the National Guard. Now they just need to find someone who remembers Bush working on an economic plan. ... I think the White House spent more money looking for this guy than finding weapons of mass destruction.”

“Beware leverage in all its forms. Borrowers - individual, corporate, or government - should always match fund their liabilities against the duration of their assets. Borrowers must always remember that capital markets can be extremely fickle, and that it is never safe to assume a maturing loan can be rolled over. Even if you are unleveraged, the leverage employed by others can drive dramatic price and valuation swings; sudden unavailability of leverage in the economy may trigger an economic downturn.”

“Don't ever let anyone tell you that history doesn't repeat. For 70 years, liberals have been spinning the yarn that FDR's New Deal, despite all the evidence that it exacerbated and prolonged the Great Depression, quickened our economic recovery. Indeed, I remember scratching my head when one of my college history professors in the 1970s tried to convince us of that theory and its corollary - an even better howler - that FDR was actually a conservative, because if he hadn't implemented his socialist programs, the republic would have died right there.”

“I remember Secretary of State [George] Shultz one day saying that America is an economic model for the world. I replied to him that America represents 5 percent of the world's population and consumes 30 percent of the world's energy. What if everyone in the world lives like Americans? Where do we get the energy for this standard of living?”

“I think it's very important to remember that so much of the work that gets done between countries is not done at the level of presidents, but is done within various agencies, whether it's law enforcement or economic ministries. And when they establish relationships and systems of communications and shared projects and shared visions, those structures continue even after any particular president is gone. It builds trust and understanding between countries that are critically important.”