Systemically Important Quotes & Sayings

In a Bloomberg poll, 88% of respondents said that Wall Street bonuses should either be banned outright or taxed at 50%. Just 7% said they should remain an incentive. To put that 7% figure in perspective, 6% of Americans believe the moon landings were a hoax; 7% believe Elvis lives; 24% believe that Barack Obama is a secret Muslim; 41% believe in ESP; and 48% believe in creationism. Americans will believe anything, it seems-except the idea that incentivizing bankers at systemically important institutions to take big risks makes any sense at all. — Felix Salmon

Why did the wise guys always accuse other people of being wise guys? — Robert Cormier

In a move that will remain in Irish annals as a stigma comparable to the potato famine, the Dublin government succumbed to ECB blackmail: make the German creditors of Ireland's commercial banks whole, even a bank that was closed down and thus no longer systemically important for Ireland's financial sector, or else. — Yanis Varoufakis

There is only one person in the State Department that can sign off on State Department personnel being in a facility that doesn't meet security standards, and it's the secretary of state. — James Lankford

Perhaps more to the point for TBTF (Too Big To Fail bank), if a SIFI (Systemically Important Financial Institution) does fail I have little doubt that private investors will in fact bear the losses-even if this leads to an outcome that is messier and more costly to society than we would ideally like. Dodd-Frank is very clear in saying that the Federal Reserve and other regulators cannot use their emergency authorities to bail out an individual failing institution — Jeremy C. Stein

For the welfare of the whole world and the new world order. — Hosni Mubarak

I said to my teacher, 'I can't be a singer because I'm not pretty enough, and I'm fat.' And she looked at me and said, 'Tell that to Nell Carter, babe.' That changed my life forever! — Beth Ditto

Greece's debts are all denominated in euros, but it isn't clear who holds how much of those debts. For that reason, the consequences of a national bankruptcy would be incalculable. Greece is just as systemically important as a major bank. — Wolfgang Schauble

In Plato's time, dialectics was a debating technique subject to precise rules. A "thesis" was proposed-an interrogative proposition such as: Can virtue be taught? One of the two interlocutors attacked the thesis; the other defended it. The former attacked by interrogating-that is, he asked the defender skillfully chosen questions with the aim of forcing him to admit the contradictory of the thesis he wanted to defend. The interrogator had no thesis, and this was why Socrates was in the habit of playing that role. — Pierre Hadot

RE: GSEs like Freddie Mac & Fannie Mae: "creditors will continue to underprice the risk-taking of these financial institutions, overfund them, and fail to provide effective market discipline Facing prices that are too low, systemically important firms will take on too much risk." — Gary H. Stern

If we are concerned about the exploitation of human workers in countries with low standards of worker protection, we should also be concerned about the treatment of even more defenceless non-human animals. — Peter Singer