A Quote by Elizabeth Warren
Accountability for the largest financial institutions on Wall Street is the bedrock for a strong economy. Hard-working families and honest businesses cannot survive in a world where the rules don’t keep the marketplace honest.
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Well, the U.S., of course, is the world's largest economy. It's about a quarter of the world's output. It's also home to many of the largest financial institutions and financial markets.
Although not well known outside Wall Street, Freddie Mac and its corporate cousin, Fannie Mae, are two of the world's largest financial institutions and play a crucial role in the housing market.
To get our economy back on track and keep it functioning properly without the problems of our financial institutions, we need reasonable regulations that will protect Main Street while at the same time allow Wall Street to do what it does best - make money for American investors.
I [have big plans]. Promoting freedom around the world, particularly with women in the Middle East. Working on global disease. Working on accountability in public schools. And advocating for a free marketplace and an economic environment in which businesses can innovate and create jobs.
North Carolina is home to some of the largest financial institutions in the country, and a vibrant network of community banks. We're a banking state, and we're proud of that distinction. But we also understand that responsible financial regulation protects consumers and businesses.
Close the weak banks and impose serious capital requirements on the strong ones...You see, it may sound hard-hearted, but you cannot keep unsound financial institutions operating simply because they provide jobs.
We like people who are honest. Honest in argument, honest with clients, honest with suppliers, honest with the company - and above all, honest with consumers.
You cannot be a party which takes money from Wall Street, which is not strong on the pharmaceutical industry, which is ripping us off every day, which is not strong on health care in taking on the insurance companies, which has not shown a desire to stand up and fight the economic establishment, and then tell working families that you are on their side. People see through that.
Wall Street shouldn't be deregulated. I think Wall Street and Main Street need to play by the same set of rules. The middle-class can't carry the burden any longer, that is what happened in the last decade. They had to bail out Wall Street.
The problems that exist on Wall Street today go to the center of a debate in this country about wealth and democracy. We cannot keep our democracy if those who are in charge of handling the engines of our economy are not honest with their shareholders. That's why there is a role for government regulation here. That role for government is breaking up the monopolies, insisting on public disclosure, insisting on public audits, insisting on restitution whenever someone has been cheated.
Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago - because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world.
My Eighth District, like others, counts on these family businesses and their teams working hard to support their families and aid their communities. As retailers, these teams often bring different or unique products to the marketplace.
There is no reason to believe that the people who staff the managerial and professional positions in our service institutions are any less qualified, any less competent or honest, or any less hard-working than the men who manage businesses. Conversely, there is no reason to believe that business managers, put in control of service institutions, would do better than the 'bureaucrats'. Indeed, we know that they immediately become bureaucrats themselves.
Establishing a 0.03 percent Wall Street speculation fee, similar to what we had from 1914-1966, would dampen the dangerous level of speculation and gambling on Wall Street, encourage the financial sector to invest in the productive economy and reduce the deficit by more than $350 billion over 10 years.
We can have the largest economies and the most lethal weapons anywhere on Earth, but if we do not have strong families and strong values, then we will be weak and we will not survive.
Keep in mind that, when I came in, we had had a crisis that was the worst we've seen since the 1930s, and working with people like Chancellor Merkel, working with the G-20 and other institutions internationally, we were able to stabilize the financial system, stabilize the US economy and return to growth.
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