A Quote by James Chanos
It's almost sickening now that the regulators 'on the beat' while the biggest credit collapse in modern financial history unfolded are now patting themselves on the back for their 'brave' stance on short-selling!
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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.
The financial collapse of 2008 got its start with predatory mortgages, that weren’t sold by community banks and credit unions, they were sold by fly by night mortgage brokers who had almost zero federal oversight and then the big banks looked over, saw the profit potential and they wanted it bad. So they jumped in and sold millions of these terrible mortgages while the bank regulators just looked the other way.
There is nothing for you to go back and live over, or fix, or feel regret about now. Every part of your life has unfolded just right. And so - now - knowing all that you know from where you now stand, now what do you want? The answers are now coming forth to you. Go forth in joy, and get on with it.
The presently existing global financial and monetary system will disintegrate during the near term. The collapse might occur this spring, or summer, or next autumn; it could come next year; it will almost certainly occur during President William Clinton's first term in office; it will occur soon. That collapse into disintegration is inevitable, because it could not be stopped now by anything but the politically improbable decision by leading governments to put the relevant financial and monetary institutions into bankruptcy reorganization.
Financial innovation can be highly dangerous, though almost no one will tell you this. New financial products are typically created for sunny days and are almost never stress-tested for stormy weather. Securitization is an area that almost perfectly fits this description; markets for securitized assets such as subprime mortgages completely collapsed in 2008 and have not fully recovered. Ironically, the government is eager to restore the securitization markets back to their pre-collapse stature.
Guys are missing rewards and opportunities right now because they're feeling that pressure not to fail. And they're not learning about themselves because they're not failing - you're too busy patting yourself on the back to learn anything when stuff's going well.
I'll always understand the Schadenfreude aspect to short-selling. I get that no one will always like it. I'm also convinced to the deepest part of my bones that short-selling plays the role of real-time financial watchdog. It's one of the few checks and balances in the market.
She collapsed at the bottom of the trail, at the edge of the ghost town. Dekka sat on Edilio and pressed down on the wound. The force of the blood was weaker now. She could almost hold the blood back now, not a good thing, no, because it meant he was almost finished, his brave heart almost done beating. Dekka looked up straight into the glittering eyes of a coyote. She could sense the others around her, closing in. Wary but sensing that a fresh meal was close at hand.
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.
I've seen things change and people forget: the history of Berlin, the history of queer struggle, the history of AIDS, the history of New York changing from an artistic powerhouse to more of a financial one now.
Consumer spending is now plunging at serious-recession rate ... even if the rescue now in train succeeds in unfreezing credit markets, the real economy has immense downward momentum. In addition to financial rescues, we need major stimulus programs.
Fortune favors the brave; and the world certainly gives the most credit to those who are able to give an unlimited credit to themselves.
We're headed for collapse, if you want my opinion, Missy. I can see it in the fallin' off of the quality of vagrants. There was atime you could find real good company in almost any jungle you'd pick, men who could talk, men who'd read a book now and then; and now, what do you find, a lot of dirty little guttersnipes no decent tramp would want to associate with.
Well, it's been that way all through history.
First black president ever, and to be living while it happened - that's a good part of history. That's probably the biggest person I admire right now.
And now, of course this is another thing I didn't count on, that now as the governor of the state of California, I am selling California worldwide. You see that? Selling.
The Beat Generation - that term is even more familiar now, even more than say the '70s. Hype is built and established and people link it back to a certain generation, in this case the '40s and '50s. Now everyone knows that that group was the Beat Generation.
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