Quotes of All Topics . Occasions . Authors
It's important to underscore that it is not mediocre test scores that have caused the major problems in the U.S. It has been unnecessary wars, ranging from Vietnam to Iraq, and unfair financial practices on Wall Street. And these were brought about by 'the best and the brightest,' many of whom were educated at my own institution.
What I think about derivatives is if every institution that owns or trades them is properly margined and marked to market, including end-users, including every institution, including sovereigns and multilateral institutions, then the system would be safe - if people were margined the way customers of investment banks are margined.
I tend not to trust people who live in very tidy houses. I know that on the surface there is nothing wrong with a person being well-ordered and disciplined. Nothing, except that it leaves the impression of that person having lived in the confines of a stark institution which, although he or she has long since left, remains within.
Basically, we've grown up very focused on the institution. The institution tells me what to do. It tells me where to go. It tells me what my career path is, and then I, sort of, attach my own personal desires, my own personal interests. I think we're living in a time where we're going to have to change - to put people in the center.
There are many who criticise the United Nations. And those of us who know this institution well know that it is not immune from criticism. But those who argue against the United Nations advance no credible argument as to what should replace it. Whatever its imperfections, the United Nations represents a necessary democracy of states.
We're so immaturely cynical as a culture. We're not wise enough to look at an institution like marriage and to really things about what it means and what it signifies. It signifies a place where people can tie the ropes of their lives together so that they're stronger. It signifies a place where people can tell the truth to one another.
It is worth noting that 'too big to fail' is not simply about size. A big institution is 'too big' when there is an expectation that government will do whatever it takes to rescue that institution from failure, thus bestowing an effective risk premium subsidy. Reforms to end 'too big to fail' must address the causes of this expectation.
Even if a financial institution rejects an initial application by an individual using a synthetic identity, credit bureaus create a record from the transaction based on the fraudulent credentials. Consequently, the record can be used repeatedly by a fraudster to establish a fake identity used to commit financial and other types of fraud.
For the first time in American history, it's not clear whether or not it's smart for a 17-year-old to enroll in college. It absolutely depends on the debt load and the quality of the institution. That is a change from the way things always were and, frankly, the way things always should be. It should always be a good idea to go to college.
Fannie and Freddie made two-thirds of all subprime mortgages. That is not a free market institution. That entity, along with the Fed printing too much money back in '03 and '04, caused the housing collapse. So we need to take free markets seriously. That means we have to put an end to all these tax credits and tax deductions and loopholes.
I was looking for a new challenge and got an interest in trying to make a difference for families. You become more aware of how important families are. They are the key institution in our culture. The reason I got into politics was to try to make a difference for that key institution, whether it was tax policy, education policy, or whatever.