A Quote by Gordon Brown
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.
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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.
If there had been a Financial Product Safety Commission in place 10 years ago, the current financial crisis would have been averted.
Regulators around the world have achieved an unprecedented level of collaboration since the financial crisis to create global standards for financial institutions. American regulators have largely viewed these international standards as a floor, and imposed higher standards on U.S. institutions.
Anyone interested in the past, present, or future of banking and financial crises should read The Bankers' New Clothes. Admati and Hellwig provide a forceful and accessible analysis of the recent financial crisis and offer proposals to prevent future financial failures. While controversial, these proposals--whether you agree or disagree with them--will force you to think through the problems and solutions.
With the lessons taken from the financial crisis in 1997, the Republic of Korea has been able to surmount the global economic crisis rather successfully.
It is easier to invest for cash flow during a financial crisis. So don't waste a good crisis by hiding your head in the sand. The longer the crisis lasts, the richer some people will become.
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.
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.
What we need to do is we need to create new international standards of behavior - not just national laws, because this is a global problem. We can't just fix it in the United States, because there are other countries that don't follow U.S. laws. We have to create international standards that say that cyber attacks should only ever occur when it is absolutely necessary.
Senator Obama will be taking office at a critical juncture. There are many pressing challenges facing the international community, including the global financial crisis and global warming. We look forward to working closely with President-elect Obama and his team to address these challenges.
Edward Conard provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.
By rescuing the financial system without reforming it, Washington has done nothing to protect us from a new crisis, and, in fact, has made another crisis more likely.
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.
I believe very strongly, and have fought since many years ago - at least over 30 years ago - to get architecture not just within schools, but architecture talked about under history, geography, science, technology, art.
We're in a very, very profound crisis. It's so obvious that no one in the power structure, either the corporate power structure or the political power structure, knows what to do or is willing to do what's necessary in relationship both to global war and global warming. It's so obvious that conditions are getting worse for the great majority of Americans. It's so obvious also that we face a very serious danger from people who feel, see themselves only as victims. And we have to somehow, in a very loving way, help the American people to recover the best that is in our traditions.
Nowhere does it say that investors should strive to make every last dollar of potential profit; consideration of risk must never take a backseat to return. Conservative positioning entering a crisis is crucial: it enables one to maintain long-term oriented, clear thinking, and to focus on new opportunities while others are distracted or even forced to sell. Portfolio hedges must be in place before a crisis hits. One cannot reliably or affordably increase or replace hedges that are rolling off during a financial crisis.
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