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Institutions Quotes

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Institutions Quotes

“Anarchists generally make use if the word "State" to mean all the collection of institutions, political, legislative, judicial, military, financial, etc., by means of which management of their own affairs, the guidance of their personal conduct, and the care of ensuring their own safety are taken from the people and confided to certain individuals, and these, whether by usurpation or delegation, are invested with the right to make laws over and for all, and to constrain the public to respect them, making use of the collective force of the community to this end.”

“Though business conditions may change, corporations and securities may change, and financial institutions and regulations may change, human nature remains the same. Thus the important and difficult part of sound investment, which hinges upon the investor's own temperament and attitude, is not much affected by the passing years.”

“The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.”

“But would the young do any better under the same circumstances? Will they do any better when their turns come? The answer is that youth would not and cannot, given the financial and economic framework within which the elders are operating. While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events - particularly the institutions of finance.”

“The four most dangerous words in finance are 'this time is different.' Thanks to this masterpiece by Carmen Reinhart at the University of Maryland and Kenneth Rogoff of Harvard, no one can doubt this again. . . . The authors have put an immense amount of work into collecting the data financial institutions needed if they were to have any chance of making quantitative risk management work.”

“I'm not trying to be diplomatic. I'm trying to be more nuanced and realistic. I think there has to be a serious examination of the shortcomings of the Euro structure. Euro central institutions, whether it be fiscal policy, monetary policy, financial regulation, are simply not as robust as they are in a currency that has a national government behind it.”

“As the worldly philosophers of the past affirmed, the goal of economics is to improve the way society functions. In The New Financial Order, Robert Shiller joins this proud tradition by directing his brilliant economic skills toward the creation of financial institutions designed to reduce the risks an unknown future visits on most members of our society and others. Shiller's imaginative and compelling analysis will appeal to all readers who share his passion for initiating not only a richer, but a better, century.”

“Look at any financial institution, at any bank. They're all photocopies of each other. There's no diversity of institutions and even less diversity of currency. Therefore, just as you say its very logical that an ecosystem like this will collapse, it's very predictable a monetary system like this will collapse, too. And it hasn't finished collapsing, by the way.”

“Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.”

“Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.”

“After the risky mortgage-lending practices fostered by government intervention led to massive defaults and foreclosures that caused financial institutions to collapse or be bailed out, Congressman Frank changed his tune completely.”

“Securities based on risky mortgages are what toppled financial institutions but it was the government that made the mortgages risky in the first place, by making home-ownership statistics the holy grail, for which everything else was to be sacrificed, including commonsense standards for making home loans.”

“No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.”

“The World Trade Organization, The World Bank, The International Monetary Fund and other financial institutions virtually write economic policy and parliamentary legislation. With a deadly combination of arrogance and ruthlessness, they take their sledgehammers to fragile, interdependent, historically complex societies and devastate them, all under the fluttering banner of 'reform'.”

“No. It is not acceptable that the 6 largest financial institutions in this country have assets of almost 10 trillion dollars, and issue half of the mortgages and two-thirds of the credit cards. That is too much wealth and power in the hands of a few. If Teddy Roosevelt were alive today he'd tell us to 'break them up.' And he'd be right. These huge banks must be broken up.”

“The institutions at the centre of capitalism are bigger than they've ever been, the pay is much greater, the ability of society to get its arms around it is much less. The political clout of the financial class is unbelievable. I'd say the story is darker than when I was there. When I was there it felt like a comedy - and now it feels more like a tragedy.”

“We've had a number of economists supporting our legislation. And here's where we are. The American people can judge. Six largest financial institutions in America today have assets of roughly $10 trillion; equivalent to 58 percent of the GDP of the United States of America.”

“Right, we've got these institutions of media, these financial institutions, we have the means of distribution, we have the means of production, we have all these markets and maxims in place. How do we alter the consciousness, the fundamental unifying field? How do we influence change on that level to all of the world?”

“Some [people] think that there is a central organization responsible for all the institutions they wrongly think affiliated with me. They ignore the zeal of many to serve humanity and to gain God's good pleasure in doing so. They ignore people's generosity. Such misunderstandings may lead others to have suspicions about the financial resources of the schools.”

“I think it's been, you know, kind of like a tragic play to this point. But at this point, I think it's clear, and will be clear to the majority of the Congress. I think it's clear to the American people that there is only one countervailing force to a world where financial institutions are trying to sell instruments every day and where credit has dried up, and that's the United States Treasury.”

“Barack Obama is an opportunist, mostly supported by the financial institutions. He had no positions on anything. He's very intelligent. If you look at his program, almost no substance. Change, hope, what's that? I mean, he had some policies, but it was almost certain that he would give them up instantly, which he did.”

“Latin America was the most obedient follower of the neoliberal regime that was instituted by the United States, its allies and the international financial institutions. They followed it most rigorously. Almost everyone who's followed those rules, including the Western countries, have suffered. And in Latin America they suffered severely.”

“Bankers themselves govern the Fed to some extent, and then there's the classic revolving door where Fed officials come from and then go back to the financial sector. Fed officials tend to believe that the institution should have a large measure of independence from democratic control, even though in law it is under the ostensible control of Congress.”

“The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.”