A Quote by Johann Wolfgang von Goethe
Faith is a homely, private capital; as there are public savings-banks and poor funds, out of which in times of want we can relieve the necessities of individuals, so here the faithful take their coin in peace.
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Faith is like private capital, stored in one's own house. It is like a public savings bank or loan office, from which individuals receive assistance in their days of need; but here the creditor quietly takes his interest for himself.
I admit that one should never underestimate the capacity of banks to destroy enormous amounts of accumulated capital and reduce, temporarily, the supply. After all, capital is the accumulated savings of mankind. And banks are great masters in destroying enormous amounts of capital with great regularity.
Hedge funds, private equity and venture capital funds have played an important role in providing liquidity to our financial system and improving the efficiency of capital markets. But as their role has grown, so have the risks they pose.
I'm all in favor of banks that play their part in community endeavors, private individuals looking for loans, people who want to start up a little business, and that's what banks are for.
We need the government to force the banks to write down all their bad assets now and then recapitalize themselves, preferably with private capital. Those banks that cannot raise sufficient capital should be seized and their deposits sold off.
One of the things that the public sector banks need to do is to raise private capital from the market and not rely on government largesse.
The history of the welfare state is the history of public enterprise pushing out private organization. The impact was largely unintentional, but natural and inevitable. Higher taxes left individuals with less money to give; government's assumption of responsibility for providing welfare shriveled the perceived duty of individuals to respond to their neighbors' needs; and the availability of public programs gave recipients an alternative to private assistance, one which did not challenge recipients to reform their destructive behavior.
We can no longer contemplate a world in which public or private sector funds are used to bail out or recapitalize failing firms.
In the end, it is because the media are driven by the power and wealth of private individuals that they turn private lives into public spectacles. If every private life is now potentially public property, it is because private property has undermined public responsibility.
If you punish the banks, all you are doing is reducing the banks' capital, which you want to increase, and punishing shareholders, who have done nothing wrong.
Banks hold deposits and savings entrusted to them by individuals, by businesses, by governments and by central banks. They put that money to work, helping people to buy homes, for example, or lending to businesses to invest in expansion.
If we want the banks to lend - and we all do - if we want the economy to expand - and we all do - do you really want to start confining the banks in their ability to make profits in order to generate more capital to lend out to the people?
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
Since there is no such entity as 'the public,' since the public is merely a number of individuals, the idea that 'the public interest' supersedes private interests and rights can have but one meaning: that the interests and rights of some individuals take precedence over the interests and rights of others.
If we allow public funds to be used to support our relatively benign, morally grounded schools, we will have to allow those public funds to be used for any type of private school.
Of the five House Calendars, the Private Calendar is the one to which all Private Bills are referred. Private Bills deal with specific individuals, corporations, institutions, and so forth, as distinguished from public bills which deal with classes only.
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