A Quote by Sucheta Dalal
By creating a minority quota in lending the government is clearly playing politics and wants to fatten its vote banks, whether or not it makes commercial sense.
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Republican leaders have made clear they have no plans to use the power of government to stimulate the economy, invest in job creation and spur job growth. The Fed's plan is to give banks more money to finance the private sector job creation. But banks have ample cash now; they aren't lending, and the private sector is not creating the jobs. That is why we have 15 million people unemployed.
If two parties, instead of being a bank and an individual, were an individual and an individual, they could not inflate the circulating medium by a loan transaction, for the simple reason that the lender could not lend what he didn't have, as banks can do. Only commercial banks and trust companies can lend money that they manufacture by lending it.
David Cameron, and before him Iain Duncan Smith, went out of their way to attract women into the party. Yes, we need to sell politics to more women, but quotas are not the way forward. You set a quota, what is the right quota? What is the wrong quota?
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.
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.
Government or politics in America today is big business. Everybody makes money involving themselves in one way or the other, whether it's pollsters, whether they are policy wonks, whether they are pundits, whether they are those who believe that they must call it as they see it and then to be fair about it.
No one pushed harder than Congressman Barney Frank to force banks and other financial institutions to reduce their mortgage lending standards, in order to meet government-set goals for more home ownership. Those lower mortgage lending standards are at the heart of the increased riskiness of the mortgage market and of the collapse of Wall Street securities based on those risky mortgages.
Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
The big issue is how much money can the government infuse for the capitalisation of the banks when we have quite a few private banks doing well. Does the government of India really require this number of public sector banks?
Some said America took a step forward electing a black president. In light of the unconstitutiona l expansion of powers, lack of transparency and fueling the fires of unrest that clearly hasn't been the case. Vote based on merits, not to fill a racial quota.
A contingent bailout policy - implicit or explicit - must be coupled with some regulation of what banks can and cannot do. For example, a ban on lending to uncreditworthy customers might well make sense.
The average man votes below himself; he votes with half a mind or a hundredth part of one. A man ought to vote with the whole of himself, as he worships or gets married. A man ought to vote with his head and heart, his soul and stomach, his eye for faces and his ear for music; also (when sufficiently provoked) with his hands and feet. If he has ever seen a fine sunset, the crimson color of it should creep into his vote. The question is not so much whether only a minority of the electorate votes. The point is that only a minority of the voter votes.
This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.
There's always that tension between policy and personality in politics, and as voters, we have that, too: we all vote on issues, but we also vote on whether we like the people who are put forward.
Creating investment, growing the economy and creating jobs is what this government wants to do.
Individual rights are not subject to a public vote; a majority has no right to vote away the rights of a minority; the political function of rights is precisely to protect minorities from oppression by majorities (and the smallest minority on earth is the individual).
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