A Quote by Dan Gilbert
We never did these kinds of loans that really started this mess, the subprime loans. We just never got into that business. We were enticed a lot of times to do so by a lot of Wall Street-type players, but I, frankly, never understood some of this stuff.
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Our focus is more on secured retail business like housing and car loans. While we will do some unsecured loans - credit cards and personal loans - we will do it primarily with existing customers.
In the subprime mortgage industry, bankers handed out iffy loans like candy at a parade because such loans meant revenue and, hence, bonuses for executives in the here-and-now.
I've been in and out of Wall Street since 1949, and I've never seen the type of animosity between government and Wall Street. And I'm not sure where it comes from, but I suspect it's got to do with a general schism in this society which is really becoming ever more destructive.
If banks anticipate government will come to the rescue should the credit market go badly awry, they may make loans that would otherwise be imprudent, e.g. subprime loans with little prospect of repayment.
We need to hold Wall Street accountable for issuing the kinds of deceptive loans that nearly brought our economy to its knees in 2008.
When I started to take literature and poetry classes, I just started to get inspired by these new incredible works of art that I had never seen or heard of before. I wrote a lot of bad high-school poetry, just like pretty much everyone did, I think, at some point. For me, the inspiration never really stopped.
If there were not derivatives, there would be no bank loans at all today, because people want to get fixed-rate 30-year loans, but banks don't want to keep 30-year loans on their books.
You can never tell what type of impact you may make on another's life by your actions or lack of action. Some times just with a smile on the street to a passing stranger can make a difference we could never imagine.
There have been times in my adolescence where I gave up. I was like, 'I'm just never going to be pretty. I'm never going to be like one of those people on the front of magazines.' It always seemed really strange to me that the projection of how people are in advertisements looked nothing like the people who were actually buying them. You know what I mean? I never understood that mismatch, and now I really start to see that the people you see in the media are a lot more like people actually are.
Your tattoos are supposed to be some connection to your personality. That's a lot more important than going in and just picking one off a wall. I've never understood why people get butterflies tattooed on their bottoms or whatever. That's really weird.
A world where wages no longer rise still needs consumers. Middle-class purchasing power has been maintained through loans, loans and more loans. The Calvinistic reflex that you have to work for your money has turned into a license for inequality.
My investigation found Sallie Mae put student borrowers into expensive subprime loans that it knew were going to fail.
I was an adjunct. I never got tenure, never had it. I was a professor, though. But I never got tenure. I never really wanted tenure, to tell you the truth. Really wasn't - the guys who got - the tenured people were some of, like, the least interesting. And they were people I didn't really like very much anyway.
I'm big into fishing, but I've never been much of a hunter. I never was really raised around it a whole lot, so I never got a chance to do it a whole lot.
You don't get a lot of life milestones in show business. It's really difficult to make things, and a lot of times you don't know you're at the end of something. With Mr. Show, I was only a writer and we knew we were going into the movie, and we thought, "Okay, like Monty Python, we're going to make five movies." And we didn't know it was the end. So it ended up being a bummer and such a terrible ending for Mr. Show. We never got to feel like, "Wow, we did it! We did something."
What Wall Street is, they're market makers. Wall Street's business model is making money on velocity of money. They're a click industry. That's what Wall Street is. They make a lot of money when there's a lot of turnover. And they make a lot of money when that velocity is fast.
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