A Quote by Jamie Dimon
You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.
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We faced a crisis caused by the Federal Reserve, the corporate tax system, Fannie Mae and Freddie Mac, and the Community Reinvestment Act. But the response of many people in Washington was to blame it on capitalism.
Well, Mark, I led the charge for five or six years to get reforms for Fannie Mae and Freddie Mac. I was chairman of an organization called 'FM Policy Focus.' What we were saying was, if there was blip in the housing market, Fannie and Freddie would destabilize the greatest economy in the world.
Analysts say that one reason Fannie Mae and Freddie Mac were privatized in the first place was to prevent political whims from dominating the mortgage marketplace.
Not just the jobs building the infrastructure, but you need to have a good highway system. You need to have a good bridge system, a good pipeline system, a good canal and waterway system for economic growth to occur, for a modern economy to succeed.
When building a complex system, having crackerjack programmers (who can make any design work, even a bad one) can be a liability. The result, after lots of effort, is a working system that cannot be easily maintained or upgraded. Good -but not great- programmers would fail early, causing a realization that the system must be redesigned, and then reimplemented. The extra cost is paid once, early in the system's cycle (when it is cheap), instead of repeatedly paid late in the system's cycle (when it is more expensive).
These public-private partnerships are very, very dangerous. The most rotten part of the financial system in the US consisted of the government sponsored entities, Fannie Mae and Freddie Mac. They really kicked off this crisis. The state should set the rules and enforce them - but not become involved as a market player.
Fixing Fannie Mae and Freddie Mac in isolation, without looking at the big picture, would be short-sighted.
The real bug here is that the design of the system even permits this class of bug. It is unconscionable that someone designing a critical piece of security infrastructure would design the system in such a way that it does not fail safe.
There is no one "root of all evil" in software development. Design is hard in many ways. People tend to underestimate the intellectual and practical difficulties involved in building a significant system involving software. It is not and will not be reduced to a simple mechanical "assembly line" process. Creativity, engineering principles, and evolutionary change are needed to create a satisfactory large system.
A system is a network of interdependent components that work together to try to accomplish the aim of the system. A system must have an aim. Without the aim, there is no system.
You can't exceed the system with language. You can only exceed the system with events; recommended procedures that are better. You can't exceed the system by telling people to be good, be kind, be considerate... You have to take away the conditions that makes it necessary for you to be kind. And to be kind, you design highways that aren't slippery; where no accidents, or less accidents, occur. In the future, everybody becomes an innovator - a creator.
A system is said to be coherent if every fact in the system is related every other fact in the system by relations that are not merely conjunctive. A deductive system affords a good example of a coherent system.
They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.
No scoring system is perfect, but a system that provides for flexibility in scores, if applied by the same taster without prejudice, can quantify different levels of wine quality and provide the reader with one professional's judgment.
Many countries today have begun the transition from an industrial wealth system and civilization to a knowledge-based system - without appreciating that a new wealth system is impossible without a corresponding new way of life.
In September 2008, the two largest housing mortgage companies called Fannie Mae and Freddie Mac, which were government-sponsored enterprises, which hold hundreds of billions of dollars of mortgages, because of the losses they took on the mortgages, they essentially became insolvent, and the government had to take them over.
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