You have to remember: what are incomes to banks are outgoes to families.
Interpretation
Banks benefit from incomes while families face expenses, highlighting the disparity in financial flows.
This quote by Elizabeth Warren illustrates the crucial relationship between banks and families in the economic system. It emphasizes that what represents income or profits for banks often translates to expenses or financial burdens for families, reflecting the broader dynamics of financial inequality and the impact of banking practices on everyday life.
In practice
During a financial literacy workshop discussing budgeting, you could use this quote to illustrate the impact of banking on daily expenses.
Families rely on financial services more than ever, but those who need them most - who struggle to make ends meet - too often must contend with sky-high interest rates and tricks and traps buried in the fine print of their loan products.
There's been such a sense that there's one set of rules for trillion-dollar financial institutions and a different set for all the rest of us. It's so pervasive that it's not even hidden.
Mitt Romney is the guy who said corporations are people. No, Governor Romney, corporations are not people.
I talk to nurses and programmers, salespeople and firefighters - people who bust their tails every day. Not one of them - not one - stashes their money in the Cayman Islands to avoid paying their fair share of taxes.
'Middle class' used to be synonymous with secure, with steady, with boring, because middle-class people were people who were pretty much safe from the time they first started work on through retirement and until their deaths. No longer.
Does anyone believe that Goldman Sachs is gonna give up a deal that would yield millions of dollars because someone fussed at them behind closed doors?
After adjusting for inflation, the average income of the top 5% of households grew by 38% from 1989 to 2013. Β By comparison, the average real income of the other 95% of households grew less than 10%.
Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.
One of the market's virtues, and the reason it enables so much peaceful interaction and cooperation among such a great variety of peoples, is that it demands of its participants only that they observe a relatively few basic principles, among them honesty, the sanctity of contracts, and respect for private property.
Everyone may have some advise for the RBI. Some may advise, 'Cut your lending rates and raise the deposit rate.' How will a bank function? We take a medium term view. The bank has an 80-year-old history. I don't want to destroy it for a few decisions.
The real bosses, in the capitalist system of market economy, are the consumers.
Regulating and taxing marijuana would simultaneously save taxpayers billions of dollars in enforcement and incarceration costs, while providing many billions of dollars in revenue annually.
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