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What we're going to do is redouble our efforts on financial regulatory reform, because that has in it sensible things like say on pay, so at least the shareholders are minding the store, sensible things like saying, for heaven's sakes, compensation should be focused on - on long term, so that you don't have rewards for short-term risk-taking.
Parenting classes should be mandatory, whether you are adopting or not, and would include an evaluation of your current physical, mental and financial state as well as how ready you are to take on the rigors of parenthood. Our children are our most precious natural resource, and there is absolutely no other way to parent but to put them first.
The threat posed by Bank of America isn't just financial - it's a full-blown assault on the American dream. Where's the incentive to play fair and do well, when what we see rewarded at the highest levels of society is failure, stupidity, incompetence and meanness? If this is what winning in our system looks like, who doesn't want to be a loser?
Threats of trade protectionism, plus unilateral actions on the exchange-rate front, such as the heavy interventions of China, Japan, and Switzerland in the currency markets - not to mention the retaliatory tariffs recently passed by the U.S. House of Representatives - endanger growth prospects and could further depress financial market confidence.
At a certain point, if you still have your marbles and are not faced with serious financial challenges, you have a chance to put your house in order. It's a cliche, but it's underestimated as an analgesic on all levels. Putting your house in order, if you can do it, is one of the most comforting activities, and the benefits of it are incalculable.
After 9/11, the American Red Cross received more than half a billion dollars in donations to help the victims of the terrorist attacks. The families of the victims were already well-provided for by various government funds, so Red Cross simply drew a line across lower Manhattan and offered everyone there financial assistance, whether they needed it or not.
Perhaps the most widespread misunderstanding of economics is that it applies solely to financial transactions. Frequently this leads to statements that "there are noneconomic values" to consider. There are, of course, noneconomic values. Indeed, there are only noneconomic values. Economics is not a value itself but merely a method of trading off one value against another.
If, for example, each of us had the same share of capital in the national total capital, then if the share of capital goes up it's not a problem, because you get as much as I do. The problem is that capital in capitalist countries is very heavily concentrated, especially financial capital. So then if the share of income from that source goes up, that actually exacerbates inequality.
The future will be less predictable, forecast rises will shrink, company lifetimes will shrink, new entrants will proliferate and it’s going to just get more unpredictable. If you thought financial crises came and went, just count on them – another economic collapse, it’s almost going to be like not news any more. But for startups this is great, because it’s a perpetual driver of disruption.
At Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company.
It became obvious that we had completely failed to impose rules on unbridled speculative capitalism. That destroyed financial systems, hollowed out state systems and deeply shook German social stability. Can you recall the debate about "locust" hedge funds - even if it's a terrible term. The speculator capitalists roamed the land, stealing the substance from companies and throwing away the shells. And we were powerless.
You cannot be less than you are now. You cannot achieve a vibration that is less than the vibration that you have achieved. That's why when someone achieves an empire and then something happens where it is lost or destroyed, they still have the vibration that they've achieved, and the empire will come back again - you see it all the time - because it is the vibrational status that the Universe is responding to, not the financial status.
Art is for the elite because it has a very high price-point of entry. And when one is in that social strata, they look down at illustrators because they just draw things directly for a few hundred dollars and that's seen as being a bit grubby. Galleries allow artists to stay relatively divorced from the financial aspects of their trade. I am lucky because I do fine art, and that is half of my living. And then illustration provides the other half.
Architects and urbanists are fascinated with cities that are shrinking, like the Rust Belt cities. Or, alternatively, we are fascinated with the growth of favelas and informal settlements. The 2008 financial crisis made these changes more extreme. The subtraction protocols rehearse a way of thinking about multiple properties in counterbalancing interdependence - not just the shaping of one property but the ratcheting interplay between properties.
Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
One measure for promoting both stability and fairness across financial market segments is a small sales tax on all financial transactions - what has come to be known as a Robin Hood Tax. This tax would raise the costs of short-term speculative trading and therefore discourage speculation. At the same time, the tax will not discourage "patient" investors who intend to hold their assets for longer time periods, since, unlike the speculators, they will be trading infrequently.
I am surprised at the number of Puerto Ricans that are moving out of Puerto Rico still. I thought that, by now, the immigration of Puerto Ricans had decreased a little bit. But, no, with a hurricane, it has increased even more. So, I see the financial institutions, especially the hedge funds, moving into Puerto Rico with all the - with all the force, knowing that their investments towards the future are going to be multiplied or probably elevated to quantities beyond any notion of how capital works.
If you go back to Adam Smith, you find the idea that markets and market forces operate as an invisible hand. This is the traditional laissez-faire market idea. But today, when economics is increasingly defined as the science of incentive, it becomes clear that the use of incentives involves quite active intervention, either by an economist or a policy maker, in using financial inducements to motivate behavior. In fact, so much though that we now almost take for granted that incentives are central to the subject of economics.
I mean, the people who got us into these crises - whether we're talking about the bankers or the hedge fund managers, or we're talking about the IMF - it's become pretty clear that the price to be paid for their illegal financial shenanigans, the burden is being placed on working class people, on the poor, on the elderly, on young people. It's become clear that neoliberal policies aren't just interested in "solving" an economic crisis, these are policies designed to enrich corporations and bankers and the rich at the expense of everybody else.
Toronto won't topple New York or London as a financial center, nor will it dethrone Los Angeles as the international entertainment capital, but with its large and stable banks, numerous knowledge-based industries thriving in the surrounding mega-regions, and an increasingly diverse population, it will gain ground. And with employment opportunities in the largest centers eroding, it can make a big move on top global talent. It stands as a model of an older, once heavily industrial Frostbelt city that has not only turned itself around but continues to grow and thrive.
When you buy enough stocks to give you control of a target company, that's called mergers and acquisitions or corporate raiding. Hedge funds have been doing this, as well as corporate financial managers. With borrowed money you can take over or raid a foreign company too. So, you're having a monopolistic consolidation process that's pushed up the market, because in order to buy a company or arrange a merger, you have to offer more than the going stock-market price. You have to convince existing holders of a stock to sell out to you by paying them more than they'd otherwise get.