A Quote by Kenneth Frazier
I do worry that as we try to fix this long-term debt and deficit situation that we don't destroy the market incentives for biomedical research. What I fear is the government using its considerable clout to say, 'Here's the price we're setting for your medicines.'
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All the central banks are doing is substituting one form of debt with another form of debt. They're issuing short term debt and using it to buy long term debt. In finance, we tend to think that's a neutral activity, even though those stimulus programs are huge.
Biomedical research is only as good as its delivery. Distribution of medicines by charities is no more than a stopgap.
I do not like debt and do not like to invest in companies that have too much debt, particularly long-term debt. With long-term debt, increases in interest rates can drastically affect company profits and make future cash flows less predictable.
The elimination of horrible disease, the increase of the quality of lives (for humans and for animals) achieved through research using animals is so incalculably great that the argument of these critics, systematically pursued, establishes not their conclusion but its reverse: to refrain from using animals in biomedical research is, on utilitarian grounds, morally wrong.
My hope is that we're going to be more strategic and focused as we look for a way to address the long-term deficit and debt issues that are affecting this nation.
We have a structural problem because you can simultaneously understand the medium to long-term risks of climate change and also come to the conclusion that it is in your short-term economic interest to invest in oil and gas. Which is why, you know, anybody who tells you that the market is going to fix this on its own is lying to you.
You cannot ignore or completely escape the deeply ingrained short-term reward system within you. But you can become aware of what really motivates you and then tweak your incentives to sustain your long-term pursuits.
As soon as the recovery is well under way, we need to set up a long-term plan to reduce the structural deficit and make sure we are not leaving a mountain of debt for the next generation.
This nation is on a course where if we don't do something about it, get federal situation, the fiscal policy [under control], we're Greece. We're a banana republic. Our status as a nation is threatened by what we’ve got coming at us in the area of deficit and debt. And it’s only a few more years, at the most, that we have to work with here before the market says, ‘Sorry, your currency is something we can not continue to defend.’
I see nothing that points to a recession in Germany. But I see considerable long-term tasks ahead of us that have to do with markets regaining confidence in Europe and that have a lot to do with reducing debt.
No amount of debt restructuring, even debt forgiveness, will help the Greeks achieve real prosperity. What they need is not short-term relief but, rather, a long-term cure.
In the distance, I see a frightful storm brewing in the form of un-tethered government debt. I choose the words -“frightful storm' - deliberately to avoid hyperbole. Unless we take steps to deal with it, the long-term fiscal situation of the federal government will be unimaginably more devastating to our economic prosperity than the subprime debacle and the recent debauching of credit markets that we are working right now so hard to correct.
Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price.
Traders can cause short-term volatility. In the long run, the market must revert to a sensible price/earnings multiple.
Say that Congress legislates gasoline price controls that sets a maximum price of $1 a gallon. As sure as night follows day, there'd be long lines and gasoline shortages, just as there were in the 1970s. For the average consumer, a $1.60 a gallon selling price and no waiting lines is a darn sight cheaper than a controlled $1 a gallon price plus searching for a gasoline station that has gas and then waiting in line. If your average purchase is 10 gallons, and if an hour or so of your time is worth more that $6, the $1.60 a gallon free market price is cheaper.
If you go back to Adam Smith, you find the idea that markets and market forces operate as an invisible hand. This is the traditional laissez-faire market idea. But today, when economics is increasingly defined as the science of incentive, it becomes clear that the use of incentives involves quite active intervention, either by an economist or a policy maker, in using financial inducements to motivate behavior. In fact, so much though that we now almost take for granted that incentives are central to the subject of economics.
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