A Quote by Elizabeth Warren
If there had been a Financial Product Safety Commission in place 10 years ago, the current financial crisis would have been averted.
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The financial crisis of 2008 created a seismic shift in the dynamics of trust in financial services. FinTech would have happened without the global financial crisis - but it would have taken much longer.
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.
Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that's wrong.
The global financial crisis is a great opportunity to showcase and propagate both causal and moral institutional analysis. The crisis shows major flaws in the way the US financial system is regulated and, more importantly, in our political system, which is essentially a bazaar of legalized bribery where financial institutions can buy themselves the governmental regulations they want, along with the regulators who routinely receive lucrative jobs in the industry whose oversight had formerly been their responsibility, the so-called revolving-door practice.
There has been a banking crisis, a financial crisis, an economic crisis, a social crisis, a geostrategic crisis and an environmental crisis. That's considerable in a country that's used to being protected.
Fortunately, when Korea was struck by the 1997/8 financial crisis, that was a good opportunity for us to engage in fundamental reforms and strengthen our financial structure. As a result, our financial regulatory structure and regime have been very much strengthened.
Sometimes it takes a crisis for people to agree that what is obvious and should have been done years ago, can no longer be postponed. We must create a new international financial architecture for the global age.
A lot has been done to improve safety and soundness and confidence in financial markets and financial institutions, a lot of which was necessary.
The heart of the 2008 financial crisis was a coterie of reckless financial executives, working for too-big-to-fail financial companies, who were handsomely compensated for taking risks that almost ruined the economy when they failed.
If the Asian financial crisis had the impact of accelerating China's rise, the transatlantic financial crisis has had the effect of accelerating Germany's rise.
Look at the product pipeline, look at the fantastic financial results we've had for the last five years. You only get that kind of performance on the innovation side, on the financial side, if you're really listening and reacting to the best ideas of the people we have.
The financial crisis was a classic case of the political class failing the American people. Twenty-five agencies were supposed to be minding the store during the financial crisis and every one of them was asleep at the switch.
There is a simple way of avoiding excess risk-taking by the managers of our financial institutions. It is to make it a crime ... had a crime for reckless management of a financial institution been on the books, Northern Rock and RBS would not have blown up.
I've been fortunate enough to experience financial success on a large scale through both my music career and my many business ventures. With this type of financial success comes financial responsibility.
I have been an organizer and then activist and a legislator, all of that. But then there's this big gap after I advanced in Congress and ended up as the ranking member of financial services committee. It took me into the financial services issues and Wall Street and Dodd Frank. And it took me away from the things that I did years ago.
In a financial crisis, only the Fed, as the lender of last resort, might stand between our economy and financial catastrophe. We must leave the Fed with the flexibility to provide liquidity in order to stop a financial panic.
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