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Bitcoin is both disruptive from a technology perspective, but there's a tremendous power of social good behind it. So you can both build a cool business or have a great investment return, and there's the promise of potentially improving the remittance industry or banking the unbanked.
And I think we need a combination of a freeze, potentially, and also we need to sit down with the - with the banking industry and talk to them about ways in which we can help them be able to work those mortgages out, because it's absolutely imperative that we keep people in their homes.
The banking business is no favorite of ours. When assets are twenty times equity - a common ratio in this industry - mistakes that involve only a small portion of assets can destroy a major portion of equity. And mistakes have been the rule rather than the exception at many major banks.
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.
When it comes to making laws that protect the public from the financial services industry, Congress has done a progressively worse job since the Pecora Commission hearings of the early 1930s, which led to Congress taking bold steps to regulate banking and securities firms in 1933 and 1934.
Higher capital requirements increase bank costs, and at least some of those costs will be passed along to bank customers and shareholders. But in the longer term, stronger prudential requirements for large banking firms will produce more sustainable credit availability and economic growth.
I'm pretty much fully digital. I've basically spent a few painstaking days putting sounds into my laptop, just banking them, because I love playing, and I love visually seeing it on my screen and being able to change the sounds more, with different plug-ins. I've created my own synth sounds.
There's definitely evidence that capitalism at its most ruthless rewards psychopathic behavior. When you look at the worst corners of the American health insurance industry or the sub-prime banking market, it really feels like the more psychopathically someone behaves, the more it's rewarded.
Since JPMorgan Chase announced its surprise $2 billion-and-growing trading loss, there have been renewed calls from economists, pundits, and politicians to reinstate the Glass-Steagall Act, a Depression-era law that prevented commercial banks from participating in investment banking activities.
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.
We are all socialists now, it seems. John McCain, David Cameron and Gordon Brown attack bankers' irresponsible behaviour and salaries, and call for state intervention in the financial markets. But these calls will not get them elected or re-elected if they are addressed only to the banking sector.
There was, of course, a global financial crisis. But our Labour predecessors left Britain exceptionally vulnerable and damaged: more personal debt than any other major economy; a dangerously inflated property bubble; and a bloated banking sector behaving as masters, not the servants of the people.
Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
Through decentralized cryptography, Bitcoin eliminates the need for banking intermediaries, significantly lowering transaction costs, and could liberate poverty-stricken economies around the globe by providing access to capital to the one-third of humanity that is excluded from the financial world.
Instead of abandoning competition and giving banks protected monopolies once again, the public would be better served by making it easier to close banks when they get into trouble. Instead of making banking boring, let us make it a normal industry, susceptible to destruction in the face of creativity.
One of the reforms to be carried out during the incoming administration is a change in our monetary and banking laws, so as to secure greater elasticity in the forms of currency available for trade and to prevent the limitations of law from operating to increase the embarrassment of a financial panic.
When you work with web design companies in San Francisco, you end up with a bunch of twenty-somethings who have their own cultural peculiarities, including obscurity for its own sake. You give those guys a website for a banking institution and they screw it up, because they are designing for themselves.
I started in investment banking at Allen & Company in 1991. It was the go-go days of media mergers, and we were incredibly busy with one deal after another. Unlike typical investment banking groups, even in the midst of merger mania, we didn't have a formal face-time culture - and I felt empowered by that.
To me, freedom of speech and debate are necessary inputs in solving any of our nation's problems, from homelessness and economic inequality to banking, the environment, and national security. Freedom of speech is what Larry Lessig would call a 'root' issue; working on free speech is striking at a root issue.
I don't come from an artistic family, so I didn't know what theater was. I was working on Wall Street in the '90s, and I went to see 'Appointment With a High-Wire Lady' at Ensemble Studio Theatre, and it affected me so deeply. It changed everything I thought about the arts. I quit banking and became an actor.
I've got to say our banking system is a safe and a sound one. And since the days when we've had federal deposit insurance in place, we haven't had a depositor who's got less than $100,000 in an account lose a penny. So the American people can be very, very confident about their accounts in our banking system.
We've always been modestly leveraged, and we've never believed in a great deal of leverage on either our private equity business or on our investment banking business. And I think it really goes back to my uncle and dad growing up in the Depression and just seeing what happened to people who were overly levered.
Canadians know that the promise of a recession didn't happen because of anything we did here. If you look at all the causes of the recession, problems in mortgage markets, the problems in the banking sector, the problems in government finance in countries like Greece, none of those problems were in present Canada.
I think what they've been doing is largely almost in firefighting mode without a good conceptual framework - either at the micro or the macro level. Micro, you would ask: "What kind of financial or banking system do we want?" Macro, you would say: "What are the underlying problems in the structure of our economy?"
The federal [bank deposit] insurance scheme has worked up to now simply and solely because there have been very few bank failures. The next time we have a pestilence of them it will come to grief quickly enough, and if the good banks escape ruin with the bad ones it will be only because the taxpayer foots the bill.
Brokerage firms and their executives cannot use threats regarding research activities as a way to obtain investment banking business. The threat to drop research coverage if Piper were not selected as the lead underwriter for a secondary offering was totally inappropriate and undermines the integrity of the market.
Until part of your paycheck is regularly paid in Bitcoin, I'm not sure how it would really go mainstream. I can imagine places in the world where there are not functioning banking systems or payroll systems, where it could go mainstream first because you're not trying to replace the way people are already doing something.
With customers' permission, fintech firms have increasingly turned to data aggregators to 'screen scrape' information from financial accounts. In such cases, data aggregators collect and store online banking logins and passwords provided by the bank's customers and use them to log directly into the customer's banking account.
I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements.
A tiny portion of the population controls the lions share of the wealth and most of the command positions of state, manufacturing, banking, investment, publishing, higher education, philanthropy, and media... these individuals exercise a preponderant influence over what is passed off as public information and democratic discourse.
Congress can protect small businesses by providing effective oversight over SBA policies and make sure they take into account the needs of small businesses while also protecting taxpayer dollars. Congress also needs to make sure that new banking regulations do not make it more costly for community banks to lend to small businesses.
I am much less concerned with whatever it is technology may be doing to people that what people are choosing to do to one another through technology. Facebook's reduction of people to predictively modeled profiles and investment banking's convolution of the marketplace into an algorithmic battleground were not the choices of machines.
We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.
Digital warfare, in the Clausewitz definition as 'the continuation of policy by other means,' reached Western public consciousness via my own country, Estonia, in 2007 when our governmental, banking, and news media servers were hit with 'distributed denial-of-service attacks,' which is when hackers overload servers until they shut down.
I've met with titans of Silicon Valley because they're investing in our national expansion. I've had lunch with Claire Danes because she sees DonorsChoose.org as the best way to help students in public schools. I would never, ever rub shoulders with such people if I had followed the typical career path in investment banking or whatever.
A man who is without capital, and who, by prohibitions upon banking, is practically forbidden to hire any, is in a condition elevated but one degree above that of a chattel slave. He may live; but he can live only as the servant of others; compelled to perform such labor, and to perform it at such prices, as they may see fit to dictate.
I understand that it's a huge luxury for people to dwell on the problems in Washington. Things have to be pretty tidy in your own life that you have the time to worry about what's going on in Washington. Most of us spend our time worrying about the things that are directly around us: our love lives, our careers, and our banking accounts.
I often have said to people that there are really two cities in the country where the outlook is always forward-looking - there is never really a backward-looking tendency. My banking work has taken me out to Palo Alto, what is commonly called Silicon Valley. And you sense out there is always a forward-looking outlook. And New York City.
As a child, I had no idea that I would end up in the film industry. My ambitions changed from wanting to join the army like my grandfather to taking up merchant navy as a career to running for India, and finally, investment banking while I was a student of economics honour. But during my college days, I began to get offers for modelling.
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
There's some evidence that if you're recruiting, you tend to recruit a mini-me. Then you have a very comfortable group round a table. You all think alike. You agree. People are arguing that the banking crisis was because too many of the relevant bodies were thinkalikes, and that if they'd had more diversity, maybe it wouldn't have happened.
Suppose a bad guy guesses the password for your throwaway Yahoo address. Now he goes to major banking and commerce sites and looks for an account registered to that email address. When he finds one, he clicks the 'forgot my password' button and a new one is sent - to your compromised email account. Now he's in a position to do you serious harm.
Though the principles of the banking trade may appear somewhat abstruse, the practice is capable of being reduced to strict rules. To depart upon any occasion from those rules, is consequence of some flattering speculation of extraordinary gain, is almost always extremely dangerous, and frequently fatal to the banking company which attempts it.
One of the things I do in banking committees is put pressure on them, and one of the other things I do is through my website, through outside pressure, and I ask people to come and help us join that fight where we can get people outside to keep putting the pressure on the Senate to make sure there are no compromises and weakening of Dodd-Frank.
A higher IOER rate encourages banks to raise the interest rates they charge, putting upward pressure on market interest rates regardless of the level of reserves in the banking sector. While adjusting the IOER rate is an effective way to move market interest rates when reserves are plentiful, federal funds have generally traded below this rate.
By the aristocracy of finance must here be understood not merely the great loan promoters and speculators in public funds, in regard to whom it is immediately obvious that their interests coincide with the interests of the state power. All modern finance, the whole of the banking business, is interwoven in the closest fashion with public credit.
Unemployment insurance, abolishing child labor, the 40-hour work week, collective bargaining, strong banking regulations, deposit insurance, and job programs that put millions of people to work were all described, in one way or another, as 'socialist.' Yet, these programs have become the fabric of our nation and the foundation of the middle class.
In a modern digitalized world, it is possible to paralyze a country without attacking its defense forces: The country can be ruined by simply bringing its SCADA systems to a halt. To impoverish a country, one can erase its banking records. The most sophisticated military technology can be rendered irrelevant. In cyberspace, no country is an island.
I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I'll be all right; I've got a few veg.
The main thing that I learned about conspiracy theory, is that conspiracy theorists believe in a conspiracy because that is more comforting. The truth of the world is that it is actually chaotic. The truth is that it is not The Iluminati, or The Jewish Banking Conspiracy, or the Gray Alien Theory. The truth is far more frightening - Nobody is in control. The world is rudderless.