Tag: Bailout

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Date 
2008-08 "If people reach the age of fifty or fifty-five and have not "made it", what are their financial options to still live the good life? Except for allocating a few bucks to buy lottery tickets, it is hard to think of any other option. If people find themselves down on their luck and see no immediate opportunities to get rich, what can they do to sustain their hopes and dreams? Allocating a fraction of their portfolios on games with a chance to win a large prize is among the options. And when people are leapfrogged - that is, when some "Joneses" who were "below" them jump ahead - how can they catch up? They will tend to challenge their luck too for a while, taking risks that they might have contemplated before in business, financial markets, and other areas but did not follow up with action."
-- Reuven and Gabrielle A Brenner with Aaron Brown, in their book, A World of Chance: Betting on Religion, Games, Wall Street, 2008
2004 “Not only have individual financial institutions become less vulnerable to shocks from underlying risk factors, but also the financial system as a whole has become more resilient.”
—- Alan Greenspan
2003 “Large amounts of risk, particularly credit risk, have become concentrated in the hands of relatively few derivatives dealers.
The troubles of one could quickly infect the others.”
-- Warren Buffett, in his annual letter to shareholders of his company, Berkshire Hathaway
2003 “What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn’t be taking it to those who are willing to and are capable of doing so.”
“We think it would be a mistake” to more deeply regulate the contracts.
-- Alan Greenspan, told the Senate Banking Committee
1999 In the USA, Gramm-Leach-Bliley Act
1994 The interstate restrictions of he Bank Holding Company Act were gutted.
1956 In the USA, The Bank Holding Company Act prevented bank holding companies from engaging in non-consumer oriented banking activities, like investment banking. It also prohibited such entities headquartered in one state from acquiring banks in another state.

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