Quotes About Banking System

#1. In September 2008, the overleveraged and undermanaged U.S. banking system suffered a terrifying collapse. And that, in turn, nearly took the whole country down.

Roger Altman

#2. There is nothing left now for us but to get ever deeper and deeper into debt to the banking system in order to provide the increasing amounts of money the nation requires for its expansion and growth.

Frederick Soddy

#3. Savers have to be punished so debtors can be saved.

Why? Because if debtors are rescued, that makes it possible for more debts to be issued in the future.

And why is that important? Because the banking system needs ever more loans in order to survive.

Chris Martenson

#4. The Crusaders lead to the Knights Templar; the Knights Templar lead to the Masons; and the Masons lead to the Shriners, a secret society that controls world government, toys with our banking system, and single-handedly keeps the fez industry afloat.

Stephen Colbert

#5. The attitude of the people proves that not only do we want to, but that we can succeed in pulling our country out of the difficult position it finds itself in. The banking system of our country will survive and grow.

Nicos Anastasiades

#6. Historically, usury was defined as any interest whatever on an unproductive loan.Our whole banking system I have ever abhorred, I continue to abhor, and I shall die abhorring.

John Adams

#7. It's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation.

Henry Paulson

#8. They [political leaders ] thought the only problem was the banking system, and if they fixed the banking system, all would be fine. But the banking system and the mortgage problem were symptomatic of some deeper problems, and evidently they still haven't recognized those deeper problems.

Joseph Stiglitz

#9. You have to eventually nationalize US banks, you have to take the problem by the horns. In my view actually most of the US banking system is insolvent.

Nouriel Roubini

#10. A banking system is an act of faith: it survives only for as long as people believe it will.

Michael Lewis

#11. Central bankers got it right in the United States in 1987 when they avoided deflationary pressures as well as serious trouble in the banking system.

Ben Bernanke

#12. If you want to change the way your banking system is regulated, if you want to learn the mistakes of what's gone wrong, then you have to change your government.

George Osborne

#13. The modern banking system manufactures money out of nothing.

Josiah Stamp

#14. To achieve these Jeffersonian ends, Alexander Hamilton - Jefferson's philosophical rival - devised an ingenious strategy that entailed a strong manufacturing base, a national banking system, a centralized federal government, and an export-led economic scheme protected by the U.S. Navy.

Patrick Mendis

#15. This crisis started probably due to the freedom they gave to the banks. First President [Ronald] Reagan and then President [Bill] Clinton. So, for [Barack] Obama it is extremely difficult to change now, to find a way to organize this banking system [differently].

Costa-Gavras

#16. If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.

Manmohan Singh

#17. The eyes of our citizens are not sufficiently open to the true cause of our distress. They ascribe them to everything but their true cause, the banking system

Thomas Jefferson

#18. You are a den of vipers. I intend to rout you out and by the Eternal God I will rout you out. If the people only understood the rank injustice of our money and banking system, there would be a revolution before morning.

Andrew Jackson

#19. I do think that the banking system is now in the most perilous state we've seen in over 70 years.

Nigel Farage

#20. The public has lost faith in the ability of Social Security and Medicare to provide for old age. They've lost faith in the banking system and in conventional medical insurance.

Ron Chernow

#21. It's important that the American people understand that President has proposed and passed this stimulus plan not as the end-all and be-all to our economic woes but as our bridge over troubled water until we get the finance system, the banking system working again.

William J. Clinton

#22. In the U.S. more than any other place, the banking system is insane. Millions of Americans lost their houses. Because of what? Because of the banking system. This American banking system is also coming to Europe. We can say today that the banks and high financiers run the world.

Costa-Gavras

#23. For my own part, I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.'s - I didn't see any of that coming until it happened.

Janet Yellen

#24. Is this complicated, risky [banking] system the best we can have?

Anat R. Admati

#25. If you've taken Econ 101, you know that the quantity of money rises only when the banking system makes a net loan.

Kenneth Fisher

#26. We don't have a good legal justification for breaking up the banking system. But if I could wave a magic wand, I'd break up the banking system.

Kenneth C. Griffin

#27. You're having government spending on the economy being cut almost everywhere. That means that the only source of spending for growth has to come from borrowing from the banking system.

Michael Hudson

#28. The Chinese banking system is built on quicksand and that's the one thing a lot of people don't realize. Everybody seems to think it is a free and clear open checkbook. It's not. The banking system in China is extremely fragile.

James Chanos

#29. The peculiar essence of our banking system is an unprecedented trust between man and man. And when that trust is much weakened by hidden causes, a small accident may greatly hurt it, and a great accident for a moment may almost destroy it.

Walter Bagehot

#30. There's a loss of faith in the banking system that for so long has been the backbone of prosperity and growth.

Lucy Powell

#31. and tightly coupled than the banking system; Charles

Tim Harford

#32. What the banking system needs is creditors who monitor risk and cut their exposure when that risk is too high. Unlike regulators, creditors and counterparties know the details of a deal and have their own money on the line.

Tyler Cowen

#33. Our banking system grew byaccident; and wherever something happens byaccident, it becomes a religion.

Bill Vaughan

#34. In Africa it's difficult to carry the money, it's difficult to have a banking system with tellers, with distribution of cash. So they are using their mobile phones.

Maurice Levy

#35. When corporations are given the ring of Gyges, we can expect catastrophic results (for the ecosystem, the banking system, public health, etc.).

Jonathan Haidt

#36. By the time Obama came into office, Washington had already agreed over a period of a few weeks to a $700 billion government infusion into the world banking system. Nothing of the sort had ever been done before, and it was done spit spot with very little national debate.

John Podhoretz

#37. You can't fall back on the private sector and say, 'You take care of the nation's banking system.' That's a fundamental function of the government, the Federal Reserve, the Treasury and the FDIC, etc. All of those agencies have a major role to play there.

Dick Cheney

#38. Only put money in the banking system that you can afford to lose!

Max Keiser

#39. By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System ... while the banking system was partially centralized under their leadership, it was not centralized enough.

Murray Rothbard

#40. Zionists dominate the government of the United States of America and her banking system.

Louis Farrakhan

#41. U.S. Government has said they are now going to go after the terrorist's electronic banking system. You know what they should do? They should transfer bin Laden's funds to my bank. They'd mess up his deposits, screw up his statement and nickel and dime him to death with service charges.

Jay Leno

#42. The Lebanese banking system helps Iran, Syria & Hezbollah evade sanctions.

Ziad K. Abdelnour

#43. American money was never more sound, or banking more free, than 200 years ago. Since then, it's been a long steady decline from the gold standard and competitive banking to our Fed-run system of inflated paper currency, deposit insurance, and perpetually shaky banks on the dole.

Llewellyn Rockwell

#44. There is no legislation
I care not what it is
tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.

William Howard Taft

#45. The few who understand the system, will either be so interested from it's profits or so dependent on it's favors, that there will be no opposition from that class.

Mayer Amschel Rothschild

#46. War has generally had grave and fateful consequences for the American monetary and financial system. We have seen that the Revolutionary War occasioned a mass of depreciated fiat paper, worthless Continentals, a huge public debt, and the beginnings of central banking in the Bank of North America.

Murray Rothbard

#47. It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

Henry Ford

#48. Those that think banks and governments are making them poor haven't seen the whole picture. Poverty is the act of trusting their system.

Robin Sacredfire

#49. Central banking has become the new central planning. Under the old central planning, government attempted to manage production and the supply of goods and services. Under the new central planning, the Fed attempts to manage the financial system and the supply and allocation of credit.

Anonymous

#50. We think it would be safer if the Bank of England had responsibility for solvency regulation of UK-based banks, as well as having an overall duty to keep the system solvent. Otherwise, there could be dangerous delays if a banking crisis did hit.

John Redwood

#51. Repeal the entire Banking Act of 1933, and Austrian School economists will cheer, especially if the current system were replaced by a 100%-reserve competitive banking with no central bank. That banking reform would give us a sound money system, meaning no more business cycle, bailouts, or inflation.

Llewellyn Rockwell

#52. Stock dealers and banking companies, by the aid of a paper system, are enriching themselves to the ruin of our country, and swaying the government by their possession of the printing presses, which their wealth commands and by any other means, not always honorable to the character of our countrymen.

Thomas Jefferson

#53. Usury is the cancer of the world, which only the surgeon's knife of fascism can cut out of the life of the nations.

Ezra Pound

#54. The system of banking have[for]ever reprobated. I contemplate it as a blot left in all our Constitutions, which, if not covered, will end in their destruction, which is already hit by the gamblers in corruption, and is sweeping away in its progress the fortunes and morals of our citizens.

Thomas Jefferson

#55. The 21st Century Glass-Steagall Act will reestablish a wall between commercial and investment banking, make our financial system more stable and secure, and protect American families.

Elizabeth Warren

#56. We are inheriting the worst financial system since the Depression. We're inheriting a situation - when people go back and study major banking crises a quarter century from now, the one that America developed in 2007 and 2008 is going to be one of those crises.

Lawrence Summers

#57. Given the extent of the exposures of major banks around the world to A.I.G., and in light of the extreme fragility of the system, there was a significant risk that A.I.G.'s failure could have sparked a global banking panic.

Ben Bernanke

#58. If all bank loans were paid, there would not be a dollar of coin or currency in circulation. Someone has to borrow every dollar we have in circulation. We are absolutely without a permanent money system.

Robert W. Hemphill