A Quote by Stephen A. Schwarzman
Some of the people in finance touch enormous parts of the economy.
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If you really think about the fabric of the United States, or the finance of any economy, finance is a true underpinning of what makes the economy great - if it can be done successfully, responsibly, and with a client orientation.
Iraq is a very wealthy country. Enormous oil reserves. They can finance, largely finance the reconstruction of their own country. And I have no doubt that they will.
Most people think of the economy as producing goods and services and paying labor to buy what it produces. But a growing part of the economy in every country has been the Finance, Insurance and Real Estate (FIRE) sector, which comprises the rent and interest paid to the economy's balance sheet of assets by debtors and rent payers.
So, what people are actually left with to spend is maybe 25 to 30% of their income on goods and services, after paying taxes and after paying the FIRE sector (Finance, Insurance, Real Estate). Whether it's housing insurance or mortgage insurance. So there's an idea of distracting people. Don't think of your condition. Think of how the overall economy is doing. But don't think of the economy as an overall unit. Think of the stock market as the economy. Think of the rich people as the economy. Look at the yachts that are made. Somebody's living a lot better. Couldn't it be you?
I've lived to see key parts of my research absorbed in textbooks and in central banks around the world. And some finance ministries, too.
The United States is a nation located in the global economy, and we get enormous, enormous benefits from dealing with foreigners.
The problem with the finance sector is not that it has crashed (though that has done enormous damage around the world) but the damage that it did even in its pomp. It is for that reason that we must not go back to business as usual. Most of all it is imperative we reduce the dominance of finance. And that means economically, ideologically, and in terms of political voice.
The only people benefiting in Iraq war are George Bush's Jr. friends in the oil industry. He has done the American economy and the global economy an enormous disfavor, but his Texan friends couldn't be happier.
Some people are attracted to vulnerability. From my very first album, I've been vulnerable. I've always given parts of me, parts of my life - good, bad, ugly. I've never put up this image as a super-thug. Also, some people just like the music.
So often loneliness comes from being out of touch with parts of oneself. We go searching for those parts in other people, but there's a difference between feeling separate from others and separate from oneself.
It takes an enormous amount of energy, creative energy withdrawn from the total economy of the person, to hold a trait underground, and, unfortunately, needs and drives do not go underground alone; they carry with them useful parts of the personality, depriving it of richness and the possibility of a variety of response.
I believe strongly that we need a finance industry that is good for the economy, and I don't think anybody would argue that during the eight years leading up to the Great Recession, a lot of bets were made [and] risks taken that weren't good for the economy.
What saved the economy, and the New Deal, was the enormous public works project known as World War II, which finally provided a fiscal stimulus adequate to the economy’s needs.
You want to continue with the social safety net: the good, the bad and the ugly parts of that, you have to have a vibrant economy. You have to have growth of the economy.
There's some people who say big philanthropy is not such a good idea, meaning that somehow you have enormous power and you're not elected and that that may not be such a good idea to have people with enormous wealth to have so much influence.
Finance is wholly different from the rest the economy.
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