A Quote by Pope Benedict XVI
Where human lives are concerned, time is always short, yet the world has witnessed the vast resources that governments can draw upon to rescue financial institutions deemed 'too big to fail.'
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It is worth noting that 'too big to fail' is not simply about size. A big institution is 'too big' when there is an expectation that government will do whatever it takes to rescue that institution from failure, thus bestowing an effective risk premium subsidy. Reforms to end 'too big to fail' must address the causes of this expectation.
We have institutions that have been allowed to become too big to fail because we had all kinds of flaws in our financial infrastructure, in the whole way over-the-counter derivatives work.
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.
Governments have been ceding power to big multinational corporations in the market. We see the manifest in a variety of ways. Where governments are giving up power to big international institutions like the World Trade Organization or NAFTA, which are disabling governments' ability to protect the rights of their own people.
Politics is a dirty business, a ruse, an ideological cul-de-sac, a vast looter of intellectual and financial resources, a lie that corrupts, a deceiver, a means of unleashing vast evil in the world of the most unexpected and undetected sort and the greatest diverter of human productivity ever concocted by those who do not believe in authentic social and economic progress.
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.
The heart of the 2008 financial crisis was a coterie of reckless financial executives, working for too-big-to-fail financial companies, who were handsomely compensated for taking risks that almost ruined the economy when they failed.
The world is not going to fall as long as there is confidence in governments and in banking institutions and the financial system.
We talk about institutions that are too big to fail - I think the story is as much about people who think they are too big to fail.
You can't have some institutions that are protected by the law, not allowed to fail, and not held to account, and all the other companies in America are allowed to fail. You can't have equal justice under law and too big to fail.
For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.
I'm really concerned that 'too big to fail' has become 'too big for trial'.
I'm really concerned that too-big-to-fail has become too-big-for-trial.
The world should always be concerned whenever a vast human rights violation occurs anywhere on the planet.
Life has its share of fears and failures. Sometimes things fall short. Sometimes people fail us, or economies or businesses or governments fail us. But one thing in time or eternity does not fail us-the pure love of Christ.
An organization is really a factory for producing new ideas and for linking those ideas with resources - human resources, financial resources, knowledge resources, infrastructure resources - in an effort to create value. These are processes that you can map, with results that you can measure.
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