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Financial Crisis Of 2007 2010 Quotes

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Financial Crisis Of 2007 2010 Quotes

“The relationship between the people and their money in California is such that you can pluck almost any city at random and enter a crisis. San Jose has the highest per capita income of any city in the United States, after New York. It has the highest credit rating of any city in California with a population over 250,000. It is one of the few cities in America with a triple-A rating from Moody’s and Standard & Poor’s, but only because its bondholders have the power to compel the city to levy a tax on property owners to pay off the bonds. The city itself is not all that far from being bankrupt.”

California Ratings Financial Crisis Of 2007 2010

Book:Boomerang: Travels in the New Third World

Source: Boomerang: Travels in the New Third World

“Despite opposition from Main Street and numerous politicians, policy makers put together the rescue in the name of avoiding a financial crisis. Ultimately, the US Treasury got its money back and even made a modest profit, causing some to deem the rescue a success. It was a success in fiscal terms. But it encouraged lenders to finance risky bets without fear of the consequences.”

Financial Crisis Of 2007 2010

Book:Gambling with Other People’s Money: How Perverse Incentives Caused the Financial Crisis

Source: Gambling with Other People’s Money: How Perverse Incentives Caused the Financial Crisis