A Quote by Kevin Warsh
The banks should give a full, fair, and accurate account of their financial positions and they are failing that test.
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It is a common failing of man not to take account of tempests during fair weather.
Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
The financial system has to be regulated, we have to end with the tax havens, and it's necessary that the central banks in the world should control a little bit the banks' financing because they cannot bypass a certain range of leverage.
Our overriding goal in restructuring our financial architecture should be that taxpayers never again have to save a failing financial institution.
The banks, because of mismanagement, because of huge risk taking, are now in very vulnerable positions. We can expect that we're gonna have to do more to shore up the financial system. We also are gonna have to make sure that we set up financial regulations so that not only does this never happen again, but you start having some sort of - trust in how the credit markets work again.
In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems.
In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems
In a world of businessmen and financial intermediaries who aggressively seek profit, innovators will always outpace regulators; the authorities cannot prevent changes in the structure of portfolios from occurring. What they can do is keep the asset-equity ratio of banks within bounds by setting equity-absorption ratios for various types of assets. If the authorities constrain banks and are aware of the activities of fringe banks and other financial institutions, they are in a better position to attenuate the disruptive expansionary tendencies of our economy.
To give an accurate and exhaustive account of that period would need a far less brilliant pen than mine.
The first duty of a newspaper is to be accurate. If it be accurate, it follows that it is fair.
You should have to pass an IQ test before you breed. You have to take a driving test to operate vehicles and an SAT test to get into college. So why don’t you have to take some sort of test before you give birth to children? When I am President, that’s the first rule I will institute.
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.
Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.
It does not stand to give banks millions of dollars at an interest rate of one percent, when banks charge students an interest rate of 6 percent. Why should the banks be scalping students?
What magazines do is curate: we give accurate and trustworthy information. If you have a problem, it's very difficult to go to the web and get accurate information... magazines, at their best, should be an incredible voyage of discovery.
This is the first global crisis that doesn't start in poor countries and it was caused by the rich countries. So it's necessary to take advantage of this crisis - the financial system has to be regulated. It's necessary that the central banks in the world should control a little bit the banks' financing, because they cannot bypass a certain range of leverage. And I believe that there's no other - more any reason for a G-8 group or any other "G." I believe that we should guarantee that the G-20 should be now an important forum to discuss the major economic issues of the world.
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