A Quote by Margaret Thatcher
Socialist governments traditionally do make a financial mess. They always run out of other people's money. It's quite a characteristic of them.
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It's the Labour Government that have brought us record peacetime taxation. They've got the usual Socialist disease - they've run out of other people's money.
As a general rule, governments are unlimited in their powers. All free governments, perhaps all other governments, are entitled in some shape or other to make laws and to repeal or amend them.
The financial time frame always has been short-term. Projects with long-term paybacks are cut back, because CEOs and financial managers simply want to take their money and run. That is the financial mentality.
Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that shovels sand from a river and sells it. This will always be true of financial companies, including ones run by governments. If you want accurate numbers from financial companies, you're in the wrong world.
Generosity is a virtue for individuals, not governments. When governments are generous it is with other people’s money, other people’s safety, other people’s future.
And as a matter of fact, governments don't act, governments only react. The bankers make the decisions, and then governments decide how are we going to adjust to this. Government can't do anything unless the bank gives them the money to do it.
Money is not going to organize the disadvantaged, the powerless, or the poor. We need other weapons. That's why the War on Poverty is such a miserable failure. You put out a big pot of money and all you do is fight over it. Then you run out of money and you run out of troops.
I like to believe that people in the long run are going to do more to promote peace than our governments. Indeed, I think that people want peace so much that one of these days governments had better get out of the way and let them have it.
For the most part, French cities are much better preserved and looked after than British cities, because the bourgeoisie, the people who run the cities, have always lived centrally, which has only recently begun to happen in big cities in England. Traditionally in England, people who had any money would live out in the suburbs. Now, increasingly, people with money live in the cities, but this has changed only in the last 20 or so years.
Women's battle for financial equality has barely been joined, much less won. Society still traditionally assigns to woman the role of money-handler rather than money-maker, and our assigned specialty is far more likely to be home economics than financial economics.
When private industry makes a mistake, it gets corrected and goes away. As governments make mistakes, it gets bigger, bigger and bigger and they make more, more and more because as they run out of money, they just ask for more and so they get rewarded for making mistakes. In the meantime that is exactly what we are doing by subsidizing companies which are failing, we have a reverse Darwinism, we've got survival of the unfittest, the companies and people that have made terrible mistakes are being rewarded and other people are being punished and being taxed.
Every business has two financial objectives: One is to make money; the other, more elusive, is to make money consistently.
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.
Then there was communism's weak-tea sister, socialism. Socialists maintained that we shouldn't take all the money away from all the people since all the people don't have money. We should take all the money away from only the people who make money. Then, when we run out of that, we could take more money from the people who...hey, wait! Where'd you people go? What do you mean you're "tax exiles in Monaco?"
The ability to make a decision is another characteristic of a winner in money matters. I have found over and over again that those who succeed in making large sums of money reach decisions very promptly and change them, if at all, very slowly. I have also found that people who fail to make money reach decisions very slowly, if at all, and change them frequently and quickly.
Why are we in this mess, now facing the prospect of economic armageddon? It's because the prevailing characteristic has been greed, and it doesn't matter whether it's individuals living beyond their means or governments living beyond their means or people seeking to get rich quick.
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