A Quote by Janet Yellen
The financial sector is vital to the economy. A well-functioning financial sector promotes job creation, innovation, and inclusive economic growth.
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That's the problem with the financial sector. Banks and the financial sector live in the short run, not the long run. In principle the government is supposed to make regulations that help the economy over time. But once it's taken over by the financial sector, the government lives in the short run too.
Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms.
The financial sector has so distorted salaries that physicists are getting drawn into the financial sector. All that has led to an undersupply of people committed to the public sector.
People need the financial sector to be safe; people also need the financial sector to go through a massive phase of innovation. That means delivering on the positive rhetoric, like around settlement accounts, not allowing Open Banking to be diluted, and leading the way on AML.
Republican leaders have made clear they have no plans to use the power of government to stimulate the economy, invest in job creation and spur job growth. The Fed's plan is to give banks more money to finance the private sector job creation. But banks have ample cash now; they aren't lending, and the private sector is not creating the jobs. That is why we have 15 million people unemployed.
When large companies take on risk, then they impose risks on the rest of the system. And these are systemic risks and these systemic risks we never used to think were really that important, but as soon as we recognize how the financial sector - the risks the financial sector takes on can impact the entire global economy, we realize that those risks needed to be controlled for the social good.
The Harper Government is committed to ensuring that seniors have the skills they need to make solid financial choices. Seniors today face an increasingly complex financial marketplace, and it will take the combined efforts of public and private sector organizations to help seniors navigate the many financial choices they face. The start of Financial Literacy Month is an excellent opportunity to thank the Canadian Bankers Association and encourage other private sector organizations to take an active role in providing financial literacy support to Canada's seniors.
Economic management involves the operation of economic frameworks in real time - for example, in the private sector, the management of complex financial institutions or, in the public sector, the day-to-day supervision of those institutions.
When you've got a economy in which 40 percent of economic growth is happening in the financial sector, that turns out that was all an illusion, that it wasn't growth based on real products and services, but just a bunch of paper shuffling and a house of cards, then what's gonna emerge, at some point, is a sense of resentment, a sense that the system's rigged, and it's not working for ordinary people. And it's not fulfilling the basic American dream.
China will continue to adopt multiple measures to advance the reform and opening up of its financial sector so that its financial market can better adapt to financial modernization and globalization.
The long term sustainable growth in job creation comes from the private sector. It is important that the Obama administration partner with the private sector and come up with the best possible ideas for creating jobs.
Energy is a sector of the economy that has been particularly resistant to innovation. This is precisely the problem. It is why we are still dependant on energy sources that are 100 to 150 years old while virtually every other sector of the economy has transformed itself. This is why we believe that the faith that many environmentalists still hold that carbon regulations and taxes will drive sufficient private sector investment into energy markets to create the kind of innovation we need is unfounded.
Our large size, capital base, robust funding profile, extensive distribution network, diversified portfolio, presence across the financial services sector, and leadership in technology position us very well to leverage the growth opportunities across the economy.
Regulatory reform must move beyond limiting the damage that the financial sector can do and ensure that the sector genuinely serves society.
The Russians are clearly already engaged in a proxy war against the government of Ukraine. And that is something that we and the rest of the world have actively condemned and sanctioned Russia already heavily for, particularly the United States, as we have imposed now meaningful, tough sanctions in critical sectors, including the defense sector, the financial sector, and the energy sector.
We are all used to paying a sales tax when we buy things - almost 9 percent here in New York City. The application of this concept to the financial sector could solve our need for revenue, bring some sanity back into the financial sector, and give us a way to raise the revenue we need to run the government in a fiscally responsible way.
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