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Regulators Quotes

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Regulators Quotes

“A nervous excitability, a chronic exaltation of the passion, in which commingle the inferior life of the individual and its exterior manifestations, a state in which sentiment, idea, and will are confounded together, where for the lack of the powerful corrective of logic, the flights of imagination know no bounds, where life and human activity are deprived of a regulator, and move outside of material and concrete factors, by the sole interior force of the soul.”

“Enforced by genetics, sexual reproduction, perspective, and experience, the most manifest characteristic of human beings is their diversity. The freer an economy is, the more this human diversity of knowledge will be manifested. By contrast, political power originates in top-down processes-governments, monopolies, regulators, and elite institutions- all attempting to quell human diversity and impose order. Thus power always seeks centralization.”

“Our party [Republicans] has been focused on big business too long. I came through small business. I understand how hard it is to start a small business. That's why everything I'll do is designed to help small businesses grow and add jobs. I want to keep their taxes down on small business. I want regulators to see their job as encouraging small enterprise, not crushing it.”

“Debt, weve learned, is the match that lights the fire of every crisis. Every crisis has its own set of villains - pick your favorite: bankers, regulators, central bankers, politicians, overzealous consumers, credit rating agencies - but all require one similar ingredient to create a true crisis: too much leverage.”

“Under the constitution, there was never meant to be a federal police force. Even an FBI limited only to investigations was not accepted until this century. Yet today, fueled by the federal government's misdirected war on drugs, radical environmentalism, and the aggressive behavior of the nanny state, we have witnessed the massive buildup of a virtual army of armed regulators prowling the States where they have no legal authority. The sacrifice of individual responsibility and the concept of local government by the majority of American citizens has permitted the army of bureaucrats to thrive.”

“Those tragic comedians, the Chamber of Commerce red hunters, the Women's Christian Temperance Union smellers, the censors of books, the Klan regulators, the Methodist prowlers, the Baptist guardians of sacred vessels-we have the national mentality of a police lieutenant.”

“This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.”

“However, you have to recognize that regulations will never be completely successful and they will always be full of holes. You must constantly be ready to fill new holes. Actually regulation should be kept to a minimum, but there has to be some cooperation between market participants and authorities - as was the case in the early postwar years. The Bank of England was a very successful regulator by cooperating with market participants. This cooperative spirit was broken by the market fundamentalists.”

“People vastly overestimate the ability of central planners to improve on the independent action of diverse individuals. What I've learned watching regulators is that they almost always make things worse. If regulators did nothing, the self-correcting mechanisms of the market would mitigate most problems with more finesse. And less cost.”

“The financial collapse of 2008 got its start with predatory mortgages, that weren’t sold by community banks and credit unions, they were sold by fly by night mortgage brokers who had almost zero federal oversight and then the big banks looked over, saw the profit potential and they wanted it bad. So they jumped in and sold millions of these terrible mortgages while the bank regulators just looked the other way.”

“...It is impossible, I say, for the human mind not to believe that there is in all this design, cause, and effect up to an Ultimate Cause-a Fabricator of all things, from matter and motion-their Preserver and Regulator while permitted to exist in their present forms-and their Regenerator into new and other forms.”

“I want to say something, and it may sound harsh, not to you, but to the American people. In a sense, in my view, the business model of Wall Street is fraud. It's fraud. I believe that corruption is rampant, and the fact that major bank after major bank has reached multi billion dollar settlements with the United States government when we have a weak regulator system tells me that not only did we have to bail them out once, if we don't start breaking them up, we're going to have to bail them out again, and I do not want to see that happen.”

“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.”

“The philosophy of Atheism represents a concept of life without any metaphysical Beyond or Divine Regulator. It is the concept of an actual, real world with its liberating, expanding and beautifying possibilities, as against an unreal world, which, with its spirits, oracles, and mean contentment has kept humanity in helpless degradation.”