A Quote by Jennifer Granholm
Concentrating wealth in the hands of the few and deregulating financial institutions and practices lead to speculative bubbles that eventually burst - and that brings the whole country down.
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Concentrating wealth in the hands of the few and deregulating financial institutions and practices lead to speculative bubbles that eventually burst — and that brings the whole country down.
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.
No. It is not acceptable that the 6 largest financial institutions in this country have assets of almost 10 trillion dollars, and issue half of the mortgages and two-thirds of the credit cards. That is too much wealth and power in the hands of a few. If Teddy Roosevelt were alive today he'd tell us to 'break them up.' And he'd be right. These huge banks must be broken up.
I've always believed that a speculative bubble need not lead to a recession, as long as interest rates are cut quickly enough to stimulate alternative investments. But I had to face the fact that speculative bubbles usually are followed by recessions. My excuse has been that this was because the policy makers moved too slowly - that central banks were typically too slow to cut interest rates in the face of a burst bubble, giving the downturn time to build up a lot of momentum.
We are free today substantially, but the day will come when our Republic will be an impossibility. It will be an impossibility because wealth will be concentrated in the hands of a few. A Republic cannot stand upon bayonets, and when the day comes when the wealth of the nation will be in the hands of a few, then we must rely upon the wisdom of the best elements in the country to readjust the laws of the nations to the changed conditions.
A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.
If in a country, most of the wealth is concentrated in the hands of the few, then this country can hardly witness harmony and stability.
The subprime disaster was a result of financial bombs - derivatives - exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.
We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both.
I love creating things, and as an entrepreneur, I've taken on quite a lot of major corporations and done well. Capitalism is the only system that works, but it has its flaws; for one, it brings great wealth to only a few people. That wealth obviously brings extreme responsibility.
The last 15 years we had one of the biggest economic booms. But I think a few bubbles have burst in a few countries. So we are all going through the same things. But let's say Ireland, in the '70s and the '80s was tough, but if you grow up with a tough background it makes you strong.
To restore confidence in our markets and our financial institutions so they can fuel continued growth and prosperity, we must address the underlying problem. The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy.
So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.
The United States took the lead in shaping the norms, rules and institutions of what became the liberal international order, including the United Nations, the international financial institutions and the Marshall Plan.
Some of these biggest financial institutions are out there trading in commodities. They're buying oil tankers. This is not a financial system that has calmed down and is there to serve the American people.
Capitalism is not about free competitive choices among people who are reasonably equal in their buying and selling of economic power, it is about concentrating capital, concentrating economic power in very few hands using that power to trash everyone who gets in their way.
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