A Quote by Charlie Munger
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.
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I don't save money. Save is a four letter word! I like to borrow money because I can get richer faster on borrowed money. I have what is called retained earnings, so I don't have to save money. If I need money, I will go out and borrow it.
People go into debt when they judge it beneficial to borrow money against their future earnings. Few can afford to buy a house outright, but many consider it worthwhile to take out a loan, which they will service and pay off over time, for the immediate privilege of living and investing in a house.
I got told I wasn't allowed to go on loan, which was a good thing but, at the same time, I just wanted to play matches. So do I annoy the manager and try to push for a loan or was I just to keep working hard and trust him?
But we can't alibi all our ills by just knocking the old banker. First he loaned the money, then the people all at once wanted it back, and he didn't have it. Now he's got it again, and is afraid to loan it, so the poor devil don't know what to do.
There is a strange idea aboard, held by all monetary cranks, that credit is something a banker gives to a man. Credit, on the contrary, is something a man already has. He has it, perhaps, because he already has marketable assets of a greater cash value than the loan for which he is asking. Or he has it because his character and past record have earned it. He brings it into the bank with him. That is why the banker makes him the loan.
We developed microfinance to fight loan sharks - I was telling people don't go to loan sharks - not trying to take advantage and make money for myself. I would be a junior loan shark if I did... It is not a panacea.
We developed microfinance to fight loan sharks - I was telling people don't go to loan sharks - not trying to take advantage and make money for myself. I would be a junior loan shark if I did ... It is not a panacea.
The new American dream is one of responsibility. What is the bottom-line number that you're going to be able to pay back toward a student loan responsibly if you're doing it yourself after you have a job? That dictates the amount of money you can borrow. That dictates the school you can go to, if you can even go to a four-year college at all.
When I was starting out, doing guest spots on TV, and even commercials, I would go in with a whole crazy wardrobe and some terrible accent. Obviously, I was doing too much. If you bring too much flavor to it, it's absurd. There's something to just being spontaneous.
When children are allowed to help make family decisions, they tend to be much more supportive and happier with family life. Also when allowed to help make rules, they will follow them much closer than if rules are forced on them. All these add up to a happier home for all.
Of all the wonderful things government says, that's always been just about my favorite. As opposed to if you get to keep the money. Because what you'll do is go out and bury it in your yard, anything to prevent that money from creating jobs. They never stop saying it.We will say, "This is expected to create x number of jobs." On the other hand, we never say that the money we removed from another part of the economy will kill some jobs.
I arrived at Arsenal in 2010, and had five spells out on loan - plus another one with Oxford where I played just once.
I bet Richard Fuld doesn't have an ounce of contrition. It's just megalomania. When it's like that, you need rules to prevent catastrophe. When banks are borrowing the government's credit rating, you need rules to prevent stupid things.
The bankers just got a good cussing by everybody for loaning too much money. Well, they got some awful nice buildings. So when a banker fails, he fails in splendor.
Because Roman civilization perished through barbarian invasions, we are perhaps too much inclined to think that that is the only way a civilization can die. If the lights that guide us ever go out, they will fade little by little, as if of their own accord.... We therefore should not console ourselves by thinking that the barbarians are still a long way off. Some peoples may let the torch be snatched from their hands, but others stamp it out themselves.
If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.
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