A Quote by James Wolfensohn
China never borrowed less than $3 billion a year during my tenure. They were the most significant client. They used the Bank not just for money but for the know-how.
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You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing. I've never borrowed a significant amount of money in my life. Never. Never will. I've got no interest in it.
Do you realize that the 850 billion dollar bank bailout, that sum of money is greater than the entire 50 year running budget of NASA. And so when someone says, 'We don't have enough money for this space probe.' No, it's not that you don't have enough money. It's that the distribution of money that you're spending is warped in some way that you are removing the only thing that gives people something to dream about tomorrow.
OPEC production went from 30 million barrels a day to 33 million. They flooded the market, and it's lost them a lot of money. Look at the Saudis: they just floated a $17.5 billion debt offering, they earlier borrowed $10 billion from a group of international banks; they're selling part of Aramco - they're desperate for money.
At the beginning of the 20th century, there were less than 3 billion people on the earth, closer to 2 billion. By all measures that we can come up with right now,. with the lifestyle and consumption pattern of the Western industrial civilization, we can probably sustain about 2 billion people on this earth. We already have over 6 billion. China and India are aspiring to come on as industrial nations, aspiring to the lifestyle of the Western world, and it simply can't happen.
Contrary to what most people think, bank money is much more important than state money. In Greece, for example, bank money makes up 84.26% of the total money supply.
I'm not a very good financing person. I don't even know how much money I have in my bank account. I never have opened one single envelope from the bank - they freak me out.
You know who has tenure? The pope has tenure. The Queen of England has tenure. So does Fidel and the communists - because they represent the people, of course (scoff). Federal judges have tenure as well - no federal judge has ever successfully been removed. And then there's the college professors. Me. How do you like that?
I was an adjunct. I never got tenure, never had it. I was a professor, though. But I never got tenure. I never really wanted tenure, to tell you the truth. Really wasn't - the guys who got - the tenured people were some of, like, the least interesting. And they were people I didn't really like very much anyway.
Instead of ending U.S. military aid to the 23rd wealthiest country to use for its consistent violations of international law and human rights, we see the Obama administration escalating the annual amount of aid, so that Israel will now start each year with almost $4 billion, with $3.8 billion a year of military aid coming from our tax money to support its military, without any restrictions on how it makes - how it uses that money, what weapons in the U.S. it's able to buy.
Do you know how much coal China burns? In 2013, we already were burning 3.6 billion tons. And do you know how much coal the rest of the world burns? We burn more than the rest of the world combined.
China is soon to be probably the most powerful nation in the world, but they only making like $10,000 a year, and that's doing it. They're balling on $10,000 a year, and this is the strongest nation? But it's a billion people. The way it breaks down, if you really look at it, it's still built on the poor, on the backs of hundreds of millions of destitute, impoverished farmers that you'll never see. You just see Shanghai and you see Hong Kong.
Even though some down payments are borrowed, it would take a large, and historically most unusual, fall in home prices to wipe out a significant part of home equity. Many of those who purchased their residence more than a year ago have equity buffers in their homes adequate to withstand any price decline other than a very deep one.
Look, I'm very much in favor of tax cuts, but not with borrowed money. And the problem that we've gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money, and at the end of the day that proves disastrous. And my view is I don't think we can play subtle policy here.
The president has borrowed more money to spend to less effect than anybody on the planet.
I went to art school for about a year. I was born and raised in the Willamette Valley in Oregon into a middle-class family who didn't have the funds to say, "Here, kid. Here's your money for school." So I worked real hard during the summer and saved money and was able to go to school for a year and borrowed a little money which I paid back after that first year.
We used to go and play shows in the south in front of two people and now every show we did was just great. The warm-ups, most of those weren't even advertised and most of them were sold out. I don't know what's going on, it's just so much different than it used to be.
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