A Quote by Andrew Ross Sorkin
Bringing back something akin to Glass-Steagall would clearly help limit risk in the system. And that's a very good and worthy goal. Letting banks sell securities and insurance products and services allowed them to grow too big too fast and fueled a culture that put profit and pay over prudence.
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Separating out banks and investment banks right now under Glass-Steagall would have very big implications to the liquidity and the capital markets and banks being able to perform necessary lending.
We are really very lucky to have so many fantastic brands. But to grow them we should not be too much in a hurry. They are growing fast, but they have to grow accordingly to the market and to the capacity we have to deliver good products.
Should we think about separating the investment banks from the commercial banks, a new Glass-Steagall? I would be really excited to see that. I think it would be great for the economy.
Too many people will die needlessly if we go back to letting people buy junk insurance or insurance that doesn't help people with diseases related to mental illness.
The problem or the fundamental flaw of Obamacare was that they put regulations on the insurance, about 12 regulations, which increased the cost of the insurance. And so President Obama wanted to help poor, working-class people, but he actually hurts them by making the insurance too expensive to want to buy. I had someone at the house just recently was doing some work, and he said: "Oh, my son doesn't have insurance, he's paying the penalty because it's too expensive."
I cannot have survival as my only goal. That would be too boring. My goal is to come back in my best running form. It is good for me to have that goal; it will help me.
We ask these young girls to grow up too fast. In the society where they grow up, they are asked to grow up too fast, and everything pushes them in that direction. The media creates pressure.
I never understood how, when if so many businesses can make a profit delivering services and products to state education, you could not take it further and allow for-profit operators to run some schools. Most people care about good outcomes, not whether something is for-profit or not.
It's unwise to pay too much, but it's worse to pay too little. When you pay too much, you lose a little money - that's all. When you pay too little, you sometimes lose everything, because the thing you bought was incapable of doing the thing it was bought to do. The common law of business balance prohibits paying a little and getting a lot - it can't be done. If you deal with the lowest bidder, it is well to add something for the risk you run, and if you do that you will have enough to pay for something better.
The administration will look at Glass-Steagall and what I referred to as the 21st-century Glass-Steagall as part of regulatory reform.
My fantasy is to break up the big banks. I wish we would end 'too big to fail' in our banking system.
The policies that Hillary [Clinton] advocates are going to be more of the same, whether you're looking at her cozy relationships with the banks, her refusal to support Glass-Steagall, her vagueness about what actually she's going to do about the control of the big banks.
I'd like to sit down with Hillary Clinton onstage and ask her about Glass Steagall and all the big banks and her own campaign contributions.
If you think too-big-to-fail banks are not worthy of investment because of their impossible-to-read balance sheets, well then, don't buy them.
How do commercial interests usually protect themselves from liability claims? Through insurance. In fact, in our society, the litmus test for safety is insurance. You can be insured for almost anything if you pay enough for the premium, but if the insurance industry isn't willing to bet its money on the safety of [biotechnology], it means the risks are simply too high or too uncertain for them to take the gamble.
Clearly, some of the reason people embrace alternatives and reject vaccines is that they are angry and mistrustful of government and of pharmaceutical conglomerates. More than that, we pay too much for health care, it's not good enough, and the system is too complex. We need alternatives.
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