Crisis Quotes - Page 27

• One intriguing subplot of the economic crisis is the failure of most economists to predict it. Here we have the most spectacular economic and financial crisis in decades - possibly since the Great Depression - and the one group that spends most of its waking hours analyzing the economy basically missed it.

  Robert J. Samuelson

  Groups, Analyzing, Waking

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• The reason our economic crisis has been forestalled is the reason there will be an economic crisis.

  James Cook

  Reason, Economic, Has Beens

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• No man bears more responsibility for the present worldwide financial crisis and coming depression than Alan Greenspan.

  Bill Bonner

  Responsibility, Men, Bears

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• It is precisely those members of Congress who have had the most to do with creating the risks that led to the current economic crisis who are making the most noise against others, and summoning people before their committee to be browbeaten and humiliated on nationwide television.

  Thomas Sowell

  Creating, People, Risk

  Thomas Sowell (2011). “Dismantling America and Other Controversial Essays (Large Print 16pt)”, p.42, ReadHowYouWant.com

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• The rules in this new 'post-partisan' era are pretty simple: If the Democratic Party wants it, it's 'stimulus.' If the Republican Party opposes it, it's 'politics' - as in headlines like this: 'Obama Urges GOP To Keep Politics To A Minimum On Stimulus.' These are serious times: As the president says, it's the worst economic crisis since the Thirties. So politicians need to put politics behind them and immediately lavish $4.19 billion on his community-organizing pals at the highly inventive 'voter registration' group ACORN for 'neighborhood stabilization activities.

  Mark Steyn

  Party, Simple, Community

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• The government is now in a position to do what Franklin D. Roosevelt did during the Great Depression of the 1930s - use a crisis of the times to create new institutions that will last for generations. To this day, we are still subsidizing millionaires in agriculture because farmers were having a tough time in the 1930s.

  Thomas Sowell

  Agriculture, Government, Tough Times

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• The U.S. dollar is in terminal decline. America is tragically bankrupt, unable to pay its lenders without printing the dollars to do so, and enmeshed in an economic depression. The clock is ticking until the dollar faces a crisis of confidence like every other bubble before it.

  Peter Schiff

  Clock Is Ticking, America, Dollars

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• None of the problems that caused the crises in Europe and America have been resolved. They have been delayed and expanded by more debt and more money printing and will lead to more and worse crises.

  Bill Bonner

  Europe And America, Debt, Problem

  "Investment Legends: 'Dollar Collapse Inevitable'". Interview with Jeff Clark, www.caseyresearch.com. March 23, 2011.

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• Gas prices in many parts of the country are nearing $4 a gallon; it could get even worse as unrest spreads throughout the oil-exporting Middle East. Yet the Obama administration once again seems to see no crisis. It has curtailed new leases for offshore oil exploration for seven years and exempted thousands of acres in the West from new drilling. It will not reconsider opening up small areas of Alaska with known large oil reserves.

  Victor Davis Hanson

  Country, Years, Oil

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• Since there is no orderly way to liquidate the federal debt, we must brace for a payment crisis.

  Hans F. Sennholz

  Debt, Way, Braces

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• When there is a crisis, the first thing that gets damaged and gets harmed is democracy.

  Akbar Ganji

  Democracy, Firsts

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• If there is one common theme to the vast range of crises...it is that excessive debt accumulation, whether it be by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.

  Carmen Reinhart

  Government, Risk, Debt

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• Perhaps more than anything else, failure to recognize the precariousness and fickleness of confidence - especially in cases in which large short-term debts need to be rolled over continuously - is the key factor that gives rise to the this-time-is-different syndrome. Highly indebted governments, banks, or corporations can seem to be merrily rolling along for an extended period, when bang! - confidence collapses, lenders disappear, and a crisis hits.

  Carmen Reinhart

  Keys, Government, Giving

  "This Time Is Different: Eight Centuries of Financial Folly". Book by Carmen M. Reinhart, Kenneth S. Rogoff, 2009.

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• The essence of the this-time-is-different syndrome is...rooted in the firmly held belief that financial crises are things that happen to other people in other countries at other times; crises do not happen to us, here and now. We are doing things better, we are smarter, we have learned from past mistakes. The old rules of valuation no longer apply. Unfortunately, a highly leveraged economy can unwittingly be sitting with its back at the edge of a financial cliff for many years before chance and circumstance provoke a crisis of confidence that pushes it off.

  Carmen Reinhart

  Country, Mistake, Past

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• I learned that victims come in all image - some raped, some witnessing an act of violence, some losing loved ones. I learned that the solutions come by both listening to the people impacted by the crisis and by learning from historical experiences in other places.

  Zainab Salbi

  Losing A Loved One, People, Historical

  Source: www.huffingtonpost.com

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• I did community theater and kids programs at professional theaters and plays at school and voice lessons for seven years. I stopped because it was so time-consuming. But then I realized that I had access to this world where I could go on auditions. And there wasn't too much of an identity crisis when I started acting professionally because I had been acting longer than I had been writing. It didn't feel new.

  Tavi Gevinson

  Writing, School, Kids

  Interview with Claire Boucher, www.interviewmagazine.com. September 11, 2014.

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• I can keep my head together in a crisis.

  Charisma Carpenter

  Together, I Can

  "Charisma Carpenter Talks SURVIVING EVIL, Telling Her Own Story of Survival, Connecting to Other Survivors, and Finding the Strength to Move On". Interview with Christina Raddish, collider.com. August 28, 2013.

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• Particularly in periods of crisis, governments have the obligation to lead by good example! Instead, many in Europe are confronting this global challenge with a penny-pinching mentality that drives me crazy.

  Martin Schulz

  Crazy, Government, Europe

  Source: www.spiegel.de

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• We all have to accept accusations that we ignored the refugee crisis for far too long. The first time that I referred to the Mediterranean Sea as Europe's cemetery was in October 2013, when hundreds of people drowned off Lampedusa. Italians, Maltese, Greeks and Spaniards have been pleading for help for years. But nobody cared.

  Martin Schulz

  Refugee Crisis, Years, Europe

  Source: www.spiegel.de

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• If you have a habit of declaring milestones or changing them based on the crisis of the day, don't expect the team to remain motivated. Similarly, if the team isn't aware of the milestone and the value behind it, they are unlikely to deliver.

  Martin Zwilling

  Team, Habit, Motivated

  Source: www.foxnews.com

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• The Americans made the decision out of principle to buy Russian equipment for us because our pilots and mechanics were trained on Russian aircraft. But, then, as a result of the Ukraine crisis, the US Congress imposed sanctions on Russia and the equipment could no longer be delivered to us. I am proud of our security and defense forces.

  Ashraf Ghani

  Russia, Ukraine, Decision

  Source: www.spiegel.de

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• Capitalism, the ogre of those protesting Wall Street, has suffered a public relations crisis in the wake of the global economic collapse. But any remedy to the systemic corruption that led to the collapse should not displace recognition that capitalism creates wealth. Capitalism, and no other economic system, has raised millions from poverty around the world.

  Kathleen Parker

  Wall, World, Poverty

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• When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.

  Seth Klarman

  Creating, Dangerous Situations, Government

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• Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.

  Seth Klarman

  Thinking, Opportunity, Long

  "The 20 Forgotten Lessons Of 2008". Seth Klarman's annual letter, www.businessinsider.com. April 28, 2010.

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• Almost no one will accept responsibility for his or her role in precipitating a crisis: not leveraged speculators, not willfully blind leaders of financial institutions, and certainly not regulators, government officials, ratings agencies or politicians.

  Seth Klarman

  Responsibility, Agency, Government

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