The only thing useful banks have invented in 20 years is the ATM.
Interpretation
Volcker critiques the banking industry's lack of innovation beyond the ATM in two decades.
In this quote, Paul Volcker expresses his disappointment with the banking sector, suggesting that it has stagnated in innovation over the last twenty years, with the Automated Teller Machine (ATM) being the only significant advancement during that period. This statement reflects a broader sentiment regarding the banking industry, where the focus may be more on maintaining traditional profit models rather than pursuing creative solutions that serve customer needs or drive economic progress.
In practice
During a financial conference, one might use this quote to highlight the need for more innovation in banking.
It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. [I]f the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with 'free banking.' The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.
When I hear complaints about less liquidity, remember there is such a thing as too much liquidity.
What's the subject of life - to get rich? All of those fellows out there getting rich could be dancing around the real subject of life.
Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?
Eliminate emotion from your investment program.
Just because a stock is down doesn't mean it's a great buy.
If I subscribed to the efficient market theory I would still be delivering papers
Our stay-put behavior reflects our view that the stock market serves as a relocation center at which money is moved from the active to the patient.
If investing is entertaining, if you're having fun, you're probably not making any money. Good investing is boring.
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