Banking Quotes - Page 16

• No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.

  Jamie Dimon

  Years, Assuming, Turns

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• You can't control income. It varies based on conditions outside of [your] control. But you can control expenses.

  Sanford I. Weill

  Income, Expenses, Conditions

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• [The right] may never bring prayer back to schools, but it has rescued all manner of rightwing economic nostrums from history's dustbins. Having rolled back the landmark economic reforms of the sixties (the war on poverty) and those of the thirties (labor law, agricultural price supports, banking regulation), its leaders now turn their guns on the accomplishments of the earliest years of progressivism (Woodrow Wilson's estate tax; Theodore Roosevelt's anti-trust measures). With a little more effort, the backlash may well repeal the entire twentieth century.

  Thomas Frank

  Prayer, War, School

  "What's the Matter with Kansas?". Book by Thomas Frank, 2004.

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• It can be argued that the U.S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.

  Peter Schiff

  Management, Wealth, Investment

  Peter D. Schiff (2011). “Crash Proof 2.0: How to Profit From the Economic Collapse”, p.133, John Wiley & Sons

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• And many of the people who buy or found banks have had no experience in banking at all. If they can learn it, so can we.

  Penny Lernoux

  People, Found, Ifs

  Penny Lernoux (1984). “In Banks We Trust”, Anchor Books

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• It is an axiom nowadays that no bank fails for lack of capital; unprofitable lending is always the underlying cause.

  James Grant

  Causes, Failing, Lending

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• Progress is cumulative in science and engineering, but cyclical in finance.

  James Grant

  Engineering, Progress, Finance

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• Central banks have gotten out of the central banking business and into the central planning business, meaning that they are devoted to raising up-if they can-economic growth and employment through the dubious means of suppressing interest rates and printing money. The nice thing about gold is that you can't print it.

  James Grant

  Money, Nice, Mean

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• Such regulations may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as or the most despotical. The obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed.

  Adam Smith

  Wall, Communication, Party

  Adam Smith (1801). “An Inquiry Into the Nature and Causes of the Wealth of Nations”, p.323

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• Is this complicated, risky [banking] system the best we can have?

  Anat R. Admati

  Complicated, Banking System

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• The peculiar essence of our banking system is an unprecedented trust between man and man. And when that trust is much weakened by hidden causes, a small accident may greatly hurt it, and a great accident for a moment may almost destroy it.

  Walter Bagehot

  Hurt, Men, Essence

  Walter Bagehot (2007). “Lombard Street: A Description of the Money Market”, p.160, Cosimo, Inc.

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• In the banking concept of education, knowledge is a gift bestowed by those who consider themselves knowledgeable upon those whom they consider to know nothing... The teacher presents himself to his students as their necessary opposite; by considering their ignorance absolute, he justifies his own existence.

  Paulo Freire

  Teacher, Ignorance, Opposites

  Paulo Freire (2014). “Pedagogy of the Oppressed: 30th Anniversary Edition”, p.52, Bloomsbury Publishing USA

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• Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.

  Jamie Dimon

  Stupid, Waste, Stupid Things

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• If, however, a government refrains from regulations and allows matters to take their course, essential commodities soon attain a level of price out of the reach of all but the rich, the worthlessness of the money becomes apparent, and the fraud upon the public can be concealed no longer.

  John Maynard Keynes

  Money, Government, Deception

  John Maynard Keynes (1929). “The Economic Consequences of the Peace: The classic text on the Treaty of Versailles and post war Europe”, p.141, Harriman House Limited

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• In sum: banking theory and practice, as immobilizing and fixating forces, fail to acknowledge men and women as historical beings; problem-posing theory and practice take the people's historicity as their starting point.

  Paulo Freire

  Men, Practice, People

  Paulo Freire (2014). “Pedagogy of the Oppressed: 30th Anniversary Edition”, p.60, Bloomsbury Publishing USA

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• My father was in real estate, banking, and land management. As family life, it was very conventional, happy, and comfortable. We weren't wealthy, but we were well-off.

  Julia Child

  Father, Real, Land

  Source: www.interviewmagazine.com

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• I helped make Mexico, especially Tampico, safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefits of Wall Street. The record of racketeering is long. I helped purify Nicaragua for the international banking house of Brown Brothers in 1909-1912. I brought light to the Dominican Republic for American sugar interests in 1916. In China I helped to see to it that Standard Oil went its way unmolested.

  Smedley Butler

  Brother, Wall, Boys

  "War Is a Racket". Smedley Butler's speech in the U.S. (1933); later published as a book "War Is a Racket", www.businessinsider.com. 1935.

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• When you need to borrow money the Mob seems like a better deal I think. 'You don't pay me back I break both yer legs.' Is that all? You won't take my house or wreck my credit rating? Fine where do I sign. Legs? Fine. You don't even have to sign anything.

  Craig Ferguson

  Thinking, House, Needs

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• If you owe your bank a hundred pounds, you have a problem. But if you owe a million, it has.

  John Maynard Keynes

  Pounds, Problem, Economic

  The Economist, p. 11, February 13, 1982.

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• Just for fun I flew in huge banking arcs, taking deep breaths, enjoying the feel of my newly weightless hair. The stylist had called it “wind tossed.” If only she knew.

  James Patterson

  Fun, Hair, Wind

  James Patterson (2007). “The Angel Experiment”, Little, Brown and Company

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• We had to struggle with the old enemies of peace - business and financial monopoly, speculation, reckless banking, class antagonism, sectionalism, war profiteering. They had begun to consider the Government of the United States as a mere appendage to their own affairs. We know now that Government by organized money is just as dangerous as Government by organized mob. Never before in all our history have these forces been so united against one candidate as they stand today. They are unanimous in their hate for me - and I welcome their hatred.

  Franklin D. Roosevelt

  War, Hate, Struggle

  Franklin D. Roosevelt's Address at Madison Square Garden, New York City, October 31, 1936).

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• The only use for military service is that it reveals the number of morons in the population," he would remark. "And that can be discovered in the first two weeks; there's no need for two years. Army, Marriage, the Church and Banking: the Four Horsemen of the Apocalypse. Yes, go on, laugh.

  Carlos Ruiz Zafon

  Military, Army, Numbers

  Carlos Ruiz Zafon (2005). “The Shadow of the Wind”, p.99, Penguin

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• Gabrielle was insulted and didn't even bother to hide it. 'Oh, and I suppose you think your dad was alone when he free-climbed the Kyoto Banking Tower on a windy day last September.

  Ally Carter

  Dad, Thinking, Kyoto

  Ally Carter (2011). “Uncommon Criminals”, p.193, ReadHowYouWant.com

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• Time is running out fast.  I think we have maybe a few months -- it could be weeks, it could be days -- before there is a material risk of a fundamentally unnecessary default by a country like Spain or Italy which would be a financial catastrophe dragging the European banking system and North America with it. So they have to act now.

  Willem Buiter

  Running, Country, Thinking

  "New Italy PM fails to calm financial markets". "AM" with Sabra Lane, www.abc.net.au. November 17, 2011.

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• I did something that challenged the banking world.
  Conventional banks look for the rich; we look for the absolutely poor.
  All people are entrepreneurs, but many don't have the opportunity to find that out.

  Muhammad Yunus

  Inspirational, Opportunity, People

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