A Quote by James Chanos
Bubbles are best identified by credit excesses, not valuation excesses. And there's no bigger credit excess than in China.
Related Quotes
I'm of those who believe that excesses in all matters are not a good idea, whether it's formation of bubbles, whether it's excess in the financial market, whether it's excess of inequality, it has to be watched, it has to be measured, and it has to be anticipated in terms of consequences.
When excesses such as lax lending standards become widespread and persist for some time, people are lulled into a false sense of security, creating an even more dangerous situation. In some cases, excesses migrate beyond regional or national borders, raising the ante for investors and governments. These excesses will eventually end, triggering a crisis at least in proportion to the degree of the excesses. Correlations between asset classes may be surprisingly high when leverage rapidly unwinds.
To protest in the name of morality against 'excesses' or 'abuses' is an error which hints on active complicity. There are no 'abuses' or 'excesses' here, simpily an all-pervasive system.
If you get a flow of credit increasing, as we've seen in the last few years - that flow of credit didn't go to more wealth accumulation as we normally use the term in economics, as capital goods. What you got is an increase in bubbles of one kind or another.
Let the mind be cheerful but calm. Never let it run into excesses, because every excess will be followed by a reaction.
But in Afghanistan, the general rule was that since you were fighting the Taliban, which was not a lawful government force, the Geneva Conventions did not apply. And that led to a lot of excesses in Afghanistan, excesses like Abu Ghraib that were already well-publicized.
Rock and Roll has certainly tried to take its toll on me. I'd rather not talk about my past excesses here, although some hardcore rockers might argue that those excesses were responsible for some great records, but I know which side I came out on.
It's been my experience that the people who gain trust, loyalty, excitement, and energy fast are the ones who pass on the credit to the people who have really done the work. A leader doesnt need any credit... He's getting more credit than he deserves anyway.
The leader is a teacher who succeeds without taking credit. And, because credit is not taken, credit is received.
When tulip mania dies down, all that remains are pretty flowers. When bubbles burst, nothing is left but soapy residue. But the Internet revolution, for all its speculative excesses, really is changing the world.
Our inspired Constitution is wisely designed to protect from excesses of political power, but it can do little to protect us from the excesses of appetite or from individual indifference to great principles or institutions. Any significant unraveling of the moral fiber of the American people, therefore, finally imperils the Constitution.
Remember what Teddy Roosevelt did. Yes, he took on what he saw as the excesses in the economy, but he also stood against the excesses in politics. He didn't want to unleash a lot of nationalist, populistic reaction. He wanted to try to figure out how to get back into that balance that has served America so well over our entire nationhood.
What people don't realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out - they just exchanged their bad loans for questionable bonds from quasi-state organizations.
If you give a little credit to the concept of the artist, I think you ought to indulge excesses a bit, because that reflects the personality of the writer. Now if a joke is in bad taste or it's not funny, okay, that's awhole different thing, but how you craft a joke is really what the writer's job is, and I don't think that technique should be subject to any editorial constraints.
Look at what I am proposing, and we [wih Bernie Sanders] have a vigorous agreement here. We both want to reign in the excesses of Wall Street. I also want to reign in the excesses of Johnson Controls that we bailed out when they were an autoparts company, and we saved the auto industry, and now they want to avoid paying taxes.
The boom was healthy too, even with its excesses. Because what this incredible valuation craze did was draw untold sums of billions of dollars into building the Internet infrastructure. The hundreds of billions of dollars that got invested in telecommunications, for example.
Related Authors
Bill Gates Quotes
American
Businessman
Charlie Munger Quotes
American
Businessman
Dieter F. Uchtdorf Quotes
German
Businessman
Henry Ford Quotes
American
Businessman
Jim Rohn Quotes
American
Businessman
Joseph B. Wirthlin Quotes
American
Businessman
Mark Cuban Quotes
American
Businessman
Mark Zuckerberg Quotes
American
Businessman
Peter Drucker Quotes
American
Businessman
Richard Branson Quotes
British
Businessman
Russell Simmons Quotes
American
Businessman
Sam Altman Quotes
American
Businessman
Steve Jobs Quotes
American
Businessman
Tom Peters Quotes
American
Businessman
Walt Disney Quotes
American
Businessman
Warren Buffett Quotes
American
Businessman