A Quote by Orison Swett Marden
The ability to cultivate friends is a powerful aid to success. It is capital which will stand by one when panics come, when banks fail, when business concerns go to the wall.
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The biggest complaint from people wanting to start a business is, "I don't have capital." Banks aren't lending but if they were, it would give you a greater opportunity to screw things up. So it will help you be creative and spend less. If you have a proven business plan, share with friends and family.
On the Glass-Steagall thing, like I said, if you could demonstrate to me that it was a mistake, I'd be glad to look at the evidence. But I can't blame [the Republicans]. This wasn't something they forced me into. I really believed that given the level of oversight of banks and their ability to have more patient capital, if you made it possible for [banks] to go into the investment banking business as continental European investment banks could always do, that it might give us a more stable source of long-term investment.
In the past, liberals have competed to see who could shout the loudest to shut down the banks, ridicule success, and penalize anyone working in finance. In fact, the Occupy Wall Street movement was an aggressive liberal effort to shut down Wall Street banks.
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.
A company's success no longer depends primarily on its ability to raise investment capital. Success depends on the ability of its people to learn together and produce new ideas.
The Bankers' New Clothes makes a simple, powerful argument: that banks need to raise more capital. It is entirely persuasive that the extent of their leverage makes the financial system fragile, and it clearly and patiently demolishes all the counter-arguments made by the banks and their lobbyists.
Learn to raise capital by any means necessary. That's your primary job as an entrepreneur. You must continually raise capital from family and friends, banks, suppliers, customers and investors.
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?
Success in show business depends on your ability to make and keep friends.
As a rule, panics do not destroy capital; they merely reveal the extent to which it has been destroyed by its betrayal into hopelessly unproductive works.
Wall Street can be a dangerous place for investors. You have no choice but to do business there, but you must always be on your guard. The standard behavior of Wall Streeters is to pursue maximization of self-interest; the orientation is usually short term. This must be acknowledged, accepted, and dealt with. If you transact business with Wall Street with these caveats in mind, you can prosper. If you depend on Wall Street to help you, investment success may remain elusive.
One nation banking recognises that banks must not be isolated from the rest of the economy. Because banks and small businesses must succeed or fail together, banks must lend to small businesses so we can get the growth and jobs we need for the future. As things stand, that is not happening enough. Lending was down £10.8billion last year.
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.
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.
All living beings have experience of pleasure and pain, and we are among them. What makes human beings different is that we have a powerful intelligence and a much greater ability to achieve happiness and avoid suffering. Real happiness and friendship come not from money or even knowledge, but from warm-heartednes s. Once we recognize this we will be more inclined to cultivate it.
I think the money for the solutions for global poverty is on Wall Street. Wall Street allocates capital. And we need to get capital to the ideas that are successful, whether it's microfinance, whether it's through financial literacy programs, Wall Street can be the engine that makes capital get to the people who need it.
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