It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.
Interpretation
Involving industry experts in policy decisions leads to better outcomes.
This quote emphasizes the importance of consulting professionals who have a deep understanding of financial markets when making policy decisions. It highlights that informed insights from practitioners can help regulators and officials navigate complex market dynamics and anticipate the potential impact of their policies.
In practice
In a financial conference discussing new regulations, this quote could underscore the need for expert voices.
The problem is not that the U.S. economy won't be able to take care of its citizens - it is that taking away benefits, creating intergenerational warfare, and scapegoating will make for very difficult and bad politics. This is a tragedy that we can see coming. Early action would be relatively painless.
Business has to have a seat at the table. Infrastructure isn't going to be built properly if business doesn't have a seat at the table. A school is not going to happen if businesses don't work with schools about what kind of jobs they really need.
If you're blindly loyal to me, then you're just acting like a crony of mine. If you say you admire me because of the principles for which I stand, I understand that, but then you also have the right to call me to the carpet when you think I'm falling short.
I'm a little bit of an eternal optimist. People always say to me, 'If you go do this and it fails, what are you going to do?' I don't care. I'm going to give it my best shot. That's what I'm going to do. If it doesn't work, it doesn't work. And I'll try again.
You don't run a business hoping you don't have a recession.
When your outgo exceeds your income, the upshot may be your downfall.
The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.
There are no shortcuts when it comes to getting out of debt.
Your priorities, passions, goals, and fears are shown clearly in the flow of your money.
Short term volatility is greatest at turning points and diminishes as a trend becomes established
There are two main drivers of asset class returns - inflation and growth.
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