A Quote by James Buchan
At the heart of banking is a suicidal strategy. Banks take money from the public or each other on call, skim it for their own reward and then lock the rest up in volatile, insecure and illiquid loans that at times they cannot redeem without public aid.
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We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.
Both in the US and throughout the world, there needs to be a growing presence of public development banks. These banks would make loans based on social welfare criteria - including advancing a full-employment, climate-stabilization agenda - as opposed to scouring the globe for the largest profit opportunities regardless of social costs.... Public development banks have always played a central role in supporting the successful economic development paths in the East Asian economies.
I basically see two reasons for a going public: Glencore gets access to more money. It is a way of funding your business and to finance growth. Plus: You have more liquid shares. It is easier to leave the company and redeem your shares. The 'going public' may also be an exit strategy for the top management.
Our approach to banking is very different from the traditional banks or even some of the new banks. We do not necessarily go out and write single-cheque, large-ticket loans.
In a mass television democracy - which all of us nowadays have - it is impossible to take basic political decisions with long-term consequences without the public knowing it, without the public understanding at least some of it, without the public forming its judgment, heterogeneous as it may be.
We call ourselves public servants but I'll tell you this: we as public servants must set an example for the rest of the nation. It is hypocritical for the public official to admonish and exhort the people to uphold the common good.
The race of mankind would perish did they cease to aid each other. We cannot exist without mutual help. All therefore that need aid have a right to ask it from their fellow-men; and no one who has the power of granting can refuse it without guilt.
I passionately disagreed with Treasury Secretary Hank Paulson's plan to bail out the banks by using a public fund called the Troubled Asset Relief Program (TARP) to help banks take toxic assets off their balance sheets. I argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.
A lot of times the mainstream public loves something, critics will hate it and then they'll think the public is stupid and they're above the public.
Architects and engineers are among the most fortunate of men since they build their own monuments with public consent, public approval and often public money.
A society - any society - is defined as a set of mutual benefits and duties embodied most visibly in public institutions: public schools, public libraries, public transportation, public hospitals, public parks, public museums, public recreation, public universities, and so on.
Public virtue cannot exist in a nation without private, and public virtue is the only foundation of republics. There must be a positive passion for the public good, the public interest, honour, power and glory, established in the minds of the people, or there can be no republican government, nor any real liberty: and this public passion must be superiour to all private passions.
The big issue is how much money can the government infuse for the capitalisation of the banks when we have quite a few private banks doing well. Does the government of India really require this number of public sector banks?
Instead of abandoning competition and giving banks protected monopolies once again, the public would be better served by making it easier to close banks when they get into trouble. Instead of making banking boring, let us make it a normal industry, susceptible to destruction in the face of creativity.
I won't criticise anyone else's statements, and the public will make up their own minds. And if the public think that any side or any individual has strayed too far away from what's expected of public representatives, then they'll make that judgement.
Trying to avert foreclosures, once you can't just force the banks to do it as a condition of getting aid, means that you have to put some public money into it or you have to do other things that are politically unpopular. From the macroeconomic standpoint there is overwhelming need to help people reduce what they owe so that we don't get the foreclosures and we don't get people kicked out of their homes. On the other hand, there is great resistance politically to helping people, not all of whom would be worth recipients of the help.
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