A Quote by Andrew Ross Sorkin
Wall Street is littered with clever plans to use financial instruments to change behavior - carbon trading, for example. Some have changed the world, and others failed miserably.
Related Quotes
We need to use economic instruments such as carbon taxes, cap and trade, tax and dividend and whatever else to help incentivize behavior that will move us to a post-carbon, post-animal agriculture world, and make our societies more resilient to the shocks that are already baked into the system. But that doesn't make climate change an "economic issue."
The new social question is: democracy or the rule of the financial markets. We are currently witnessing the end of an era. The neoliberal ideology has failed worldwide. The U.S. movement Occupy Wall Street is a good example of this.
We have been developing an ever closer relationship with China on climate change for many years which has led to collaboration on carbon trading, offshore wind development, on low-carbon buildings, on nuclear energy, and on carbon capture and storage - to name just some of the ways in which we're working together.
The model used by Wall Street to price trillions of dollar's worth of derivatives thought of the financial world as an orderly, continuous process. But the world was not continuous; it changed discontinuously, and often by accident.
Blockchain technology has such a wide range of transformational use cases, from recreating the plumbing of Wall Street to creating financial sovereignty in the farthest regions of the world.
Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.
I think what the secretary Hillary Clinton has recognized is the American people are extremely angry about the power of Wall Street, the greed, the illegal behavior of Wall Street.
Wall Street got drunk and now it's got a hangover. And the question is, how long will it sober up and not try to do those fancy financial instruments?
I think the money for the solutions for global poverty is on Wall Street. Wall Street allocates capital. And we need to get capital to the ideas that are successful, whether it's microfinance, whether it's through financial literacy programs, Wall Street can be the engine that makes capital get to the people who need it.
Failed plans should not be interpreted as a failed vision. Visions don't change, they are only refined. Plans rarely stay the same, and are scrapped or adjusted as needed. Be stubborn about the vision, but flexible with your plan.
It seems superfluous to constrain trading in some of the newer derivatives and other innovative financial contracts of the past decade. The worst have failed; investors no longer fund them and are not likely to in the future.
Once again, the puppets on Capitol Hill are about to slam the Muppets on Main Street. The country still hasn't recovered from the Wall Street-induced financial cataclysm of 2008, yet Congress is preparing to enact the Orwellian 'JOBS Act' - a bill that should in fact be called the 'Return Fraud to Wall Street in One Easy Step Act.'
Wall Street is littered with the bones of those who knew just what to do, but could not bring themselves to do it.
The big-ego temper tantrums of Wall Street's titans must be a concern for everyone on Wall Street. Bad behavior and manipulation of the markets must be called out by those in the industry concerned for its future.
... the loss of public confidence in the financial community growing out of its own conduct in recent years. I insist that more damage has been done to stock values and to the future of equities from inside Wall Street than from outside Wall Street.
After all, Wall Street is clearly the most powerful lobbying force on Capitol Hill. From 1998 through 2008, the financial sector spent over $5 billion in lobbying and campaign contributions to deregulate Wall Street.
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