A Quote by Steve Mnuchin
I support the Volcker rule, but there needs to be proper definitions around the Volcker rule so that banks can understand exactly what they can do and what they can't do, and that they can provide the necessary function of liquidity in customer markets.
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To enable large U.S. banks to support their clients better, the Volcker rule should be clarified.
I would say the No. 1 problem with the Volcker Rule is it's too complicated, and people don't know how to interpret it.
MGR's rule took care of the poor, the downtrodden, and the middle class. I have faith that I, too, can provide that rule. With the help of technology and the support of youngsters, resourceful people, and intellectuals, I, too, can provide that kind of a rule.
Separating out banks and investment banks right now under Glass-Steagall would have very big implications to the liquidity and the capital markets and banks being able to perform necessary lending.
I liked the so-called Volcker Rule. I would have separated investment banking and commercial, deposit banking, as we did under the Glass-Steagal Act. I would have brought back Glass-Steagal.
Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.
Understand that for every rule which I have mentioned from the Quran, the Devil has one to match it, which he puts beside the proper rule to cause error.
10 Rules for Being Human: Rule #1 - You will receive a body. Rule #2 - You will be presented with lessons. Rule #3 - There are no mistakes, only lessons. Rule #4 - The lesson is repeated until learned. Rule #5 - Learning does not end. Rule #6 - "There" is no better than "here". Rule #7 - Others are only mirrors of you. Rule #8 - What you make of your life is up to you. Rule #9 - Your answers lie inside of you. Rule #10 - You will forget all this at birth.
As you know, in the latter part of 2008 and early 2009, the Federal Reserve took extraordinary steps to provide liquidity and support credit market functioning, including the establishment of a number of emergency lending facilities and the creation or extension of currency swap agreements with 14 central banks around the world.
There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud. You can apply that rule to left-wing social programs, but you can also apply that rule to credit derivatives, hedge funds, all the rest of it.
The Central Bank should have a permanent window for discounting high quality securities where banks could go and discount these. It gives peace of mind to the banks. In the absence of this facility, what banks tend to do is to keep a liquidity cushion for emergency requirements. This is a very expensive way of managing liquidity.
What the customer demands is last year's model, cheaper. To find out what the customer needs you have to understand what the customer is doing as well as he understands it. Then you build what he needs and you educate him to the fact that he needs it.
Earnings don't move the overall market; it's the Federal Reserve Board... focus on the central banks, and focus on the movement of liquidity... most people in the market are looking for earnings and conventional measures. It's liquidity that moves markets.
Wizard's Eleventh and Final Rule The "Rule Unspoken", the "Rule Unwritten", "The rule from the beginning of time.
Negro banks, as a rule, have failed because the people, taught that their own pioneers in business cannot function in this sphere, withdrew their deposits.
Here's a philosophical rule of thumb: always start with the negative definitions. Negative definitions are always easier to understand. So, here's a negative definition. We must not conceive difference in terms of the differences we find between things that already exist. Difference is not empirical differences.
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