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Friday, July 25, 2008


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BENEWOLF ... on banking
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Borrowed Wisdom

  • “Capitalism will always survive in the United States as long as the government is willing to use socialism to bail it out." ~ Nathra Nader, Ralph Nader's father


    It is leaked  that President Bush solemnly opined, “If money isn’t loosened up, this sucker could go down.”


    "EMBARRASSING …”  ~ That's the word our Treasury Secretary Hank Paulson used to describe how he felt begging Congress for money to bail out America. Around him were seated our Federal Reserve Chairman and our Securities & Exchange Commission Chairman.



    “The losses incurred by Bear Stearns and other large broker-dealers were not caused by “rumors” or a “crisis of confidence,” but rather by inadequate net capital and the lack of constraints on the incurring of debt.” ~ Lee Pickard, former Director, SEC Trading and Markets Division


    “Changes are going to have to be made'' to the global financial system." ~ Paul Volcker, former Federal Reserve Chair, 1979-87


    “… change is not a destination … just as hope is not a strategy” ~ Rudy Giuliani’s remarks at the 2008 Republican Party’s National Convention


    “This bright new system, this practice in the United States, this practice in the United Kingdom and elsewhere, has broken down. Growth in the economy in this decade will be the slowest of any decade since the Great Depression, right in the middle of all this financial innovation. It is the most complicated financial crisis I have ever experienced, and I have experienced a few ... “ ~ Paul Volcker, former Federal Reserve Chair, 1979-87


    “You always find out who's been swimming naked when the tide goes out. We found out that Wall Street has been kind of a nudist beach," ~ Warren Buffett, who in March was called the world's richest person by Forbes magazine


    “In a bear market, everyone loses, the winner is the one who loses the least.”  ~ Richard Russell


    "If they are too big to fail, make them smaller," ~ George Shultz, former Nixon Treasury Secretary


    "The worst is yet to come in the US.” ~ Kenneth Rogoff, former Chief Economist at the International Monetary Fund


    "The system is completely broken. It's amazing that the system ever worked at all." ~  
    Marc L. Weinberg, Acting Executive Director and General Counsel, Appraisal Subcommittee


     “The world breaks everyone and afterward many are stronger at the broken places. ~ Ernest Hemingway, (1898-1961) American writer


    ”We thrive in markets that are overdeveloped. And overdeveloped markets always have people that are struggling or underperforming. We don't really care, because we're not the Chamber of Commerce. But the more people there are in the market, the better it is for us, because we take the top end of that business... I would prefer that our neighbors be successful-- but their success is not entirely relevant to our own performance.” ~ Steve Wynn, Chairman, CEO, Wynn Resorts Ltd. (Wynn Resorts Ltd. Q2'08 Conference Call Transcript in Seeking Alpha, July 24th)


    “He said we couldn’t afford to say no to anyone...” ~ David A. Andrukonis, Freddie Mac’s former chief risk officer, about Freddie's CEO, Richard F. Syron


    “Adversity is the state in which man mostly easily becomes acquainted with himself, being especially free of admirers then.” ~ Samuel Johnson, British author


    "The only reason a great many American families don't own an elephant is that they have never been offered an elephant for a dollar down and easy weekly payments." ~ Mad Magazine


    Great Moments in Prophecy: "I don't want to be too sophisticated here, but 2007 is going to suck, all 12 months of the calendar year." ~ Donald Tomnitz, CEO of the home builder D.R. Horton


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