A Quote by Howard Warren Buffett
Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke. So the savings and loans went broke, the government stepped in, paid off depositors, and now they're left with this mass of assets to sell. We're not talking about selling here, we're talking about buying intelligently. They were selling what they got handed to them by a bunch of savings and loan operators that had in many cases had done some very dumb thing. But their job was to liquidate it. And they liquidated.
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Resolution Trust Company was set up to liquidate a bunch of assets that the government had inherited because the savings and loans went broke.
The nation's largest savings and loan, Washington Mutual, has become the biggest bank failure in history. See, the problem with the savings and loans? Not enough savings, too many stupid loans, okay In fact, they changed their name from WaMu to 'screw you.'
The contented and economically comfortable have a very discriminating view of government. Nobody is ever indignant about bailing out failed banks and failed savings and loans associations... But when taxes must be paid for the lower middle class and poor, the government assumes an aspect of wickedness.
I grew up with a single mom who was a waitress. We were on food stamps. My mom then got Pell Grants, put herself through college to get a degree to get a better job. Because we were broke, I then had to go to a state school. I went to Temple University, and had to get loans. So I grew up in a world where I saw the government helping individuals pull themselves up, and saw it work very successfully.
If you wanted to create jobs in a way that has minimal effect on the deficit but has government action, the two best things you could do are the infrastructure bank and a simple SBA-like loan guarantee for all building retrofits, where the contractor or the energy-service company guarantees the savings. So that allows the bank to loan money to let a school or a college or a hospital or a museum or a commercial building unencumbered by debt to loan it on terms that are longer, so you can pay it back only from your utility savings. You could create a million jobs doing that.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
Whenever you get involved with talking about rights, you're talking about being a citizen. You're talking about being a citizen in capitalism; you're talking about what rights are granted to what identities, under what laws, and all that is a big mix. Marriage is, among many other things, a formality to channel capital through a family. And that's why the big DOMA lawsuit was about paying too many taxes! "I wouldn't have had to pay all these taxes if Theodora had been Theo" - that was the big tagline. It's all about protecting assets.
There's only one thing that all of the central banks control and that is the base, their own liability, and they can control that in various ways. They can control it directly by open market operations, buying and selling government securities or other assets, for example, buying and selling gold, or they can control it indirectly by altering the rate at which banks lend to one another.
Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate.
With our national savings rate well below one-percent, it is imperative that the government embrace innovative and cost-effective means of boosting personal savings.
One might ask the question: Is the mortgage interest deduction doing a better job, a worse job, if it's supposed to promote homeownership and savings? Because home ownership is the biggest form of savings in this country. Different people will look at that data and draw different conclusions, but that's just an example of the kind of thing you can pull out of USAFacts and develop a point of view about.
My legislation, the Simple Savings Tax Relief Act of 2005, simply eliminates the taxation of interest earned in savings accounts, such as passbook savings accounts or bank certificates of deposit.
My whole success is I've always been designing for people, first because I wanted to sell them merchandise. Then when I got into hotels, I had to rethink, what am I selling now? You're selling a good time.
If you wait to see how much money you have left at the end of the month to put toward savings, the answer may be zero. So, set up an automated monthly transfer from your checking to savings account. Once you lock into that commitment, you'll be forced to scale back spending to make ends meet.
The fact that you have government-guaranteed student loans has created a whole new sector in the American economy that didn't really exist before - private for-profit universities that sell junk degrees that don't help the students. They promise the students, "We'll help you get a better job. We'll arrange a loan so that you don't have to pay a penny for this education." Their pet bank gets them the government-guaranteed loan, and the student may get the junk degree, but doesn't get a job, so they don't pay the loan.
I started LearnVest with a tiny savings account where I paid designers, technologists, and even bartered... Because I started with paying for things myself with my own savings, it sharpened my focus of how to spend money.
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