Sunday, October 19, 2008
Quotable Quotes
"Plenty are born with talent but few are as driven to express it in full and he is as much a product of the nets as blessed genes." - Former England Test player Peter Pringle about Sachin Tendulkar on reaching highest number of runs in Test cricket.
Sub prime crisis
What the world's big guns say about the meltdown?
Link ---> http://specials.rediff.com/money/2008/sep/25slid1.htm
Quotes:
What is the nature of the crisis? The details can be insanely complex, but the basics are fairly simple. The bursting of the housing bubble has led to large losses for anyone who bought assets backed by mortgage payments; these losses have left many financial institutions with too much debt and too little capital to provide the credit the economy needs; troubled financial institutions have tried to meet their debts and increase their capital by selling assets, but this has driven asset prices down, reducing their capital even further: Economic Nobel laureate Paul Krugman
We live in an interdependent world and the fate of all countries is related to the international financial system. Our value markets are opened to the world and, if they are affected, this will affect our capacity to finance our development. If the financial crisis causes a recession in the main economies, this will compromise our exports: Manmohan Singh, Prime Minister, India
The situation is going to get better when you feel good about buying Citigroup stock. Right now, nobody feels good about buying it: John Catsimatidis, supermarket billionaire and New York mayoral hopeful
I know too well how disastrous these slumps can be. During the 1991 recession I was basically bankrupt -- it all happens very quickly. So what's the use in finger-pointing? I don't want to see the Americans go down the pan. Everyone knows that we'll follow: Stephen Brown, British citizen
You can't just blame the banks, you also can blame the people that took out mortgages... We were brought up that you first had to put some savings together and then enjoy. But this whole society has gotten to the fact that we're a 'now, give it to me today' kind of society. I think regulation has not been adequate. There's no one person to blame other than all of us: Mike Bloomberg, mayor, New York, former Wall Streeter, founder, financial services company Bloomberg
My own view right now is that cash is king; liquidity is king: Don Marron, US billionaire
We have counted on emerging economies, which collectively account for half of global GDP, to hold up. However, with the credit crisis reaching shores of emerging market countries, their growth is now likely to fall well below trend by the end of the year: Moody's Economy.com
Regulators are helping us to identify the quickest and most efficient method to purchase equity in financial institutions so they can resume lending. Throughout this process, we have kept in mind one clear priority: to protect the taxpayers by making the best use of their money: Neel Kashkari, interim assistant secretary for financial stability, US
Globalisation, America as the centre of the globalised financial markets, was sucking up the savings of the world. This is now over. The game is out. It does mean a very serious adjustment for America: George Soros, billionaire investor, head of Soros Fund Management
This has been a man-made catastrophe. The actions and responses to overcome lie in all our hands. We must also insure that as governments and publics turn their attention to matters close to home that they do not step back from their commitments to boost overseas assistance: Robert Zoellick, President, World Bank
America is a different world, where all kinds of people can get credit they shouldn't be getting. We Germans are different: Micky Gliese, German citizen
Any company that is built around the need to add debt is in trouble. The process of deleveraging is industry agnostic. If I had the time, I would be researching every company that needs renewable and expandable debt to survive and would short the sh*t out of it: Mark Cuban, owner, Dallas Mavericks and founder, HDNet.
In an interconnected world, no nation will gain by driving down the fortunes of another. We are in this together. We will come through it together. There have been moments of crisis in the past when powerful nations turned their energies against each other or sought to wall themselves off from the world. This time is different: George W Bush, President, US
It does make me angry that this situation has been created by greedy, irresponsible, feckless city boys. The financial world has been acting in a megalomaniacal fashion and deserves to be taken down a peg or five. This is a terrible situation for the average hard-working family. It happened to my family in the 90's during the last downturn and affected us deeply for years: Katherine Walker, British citizen
It is now becoming clear that emerging market countries are likely to be hit hard by financial turmoil, despite stronger fundamentals and policy frameworks. Lest a sudden stop of capital bring their progress to a sudden halt or, worse, bring down their financial systems, some form of large and rapid financing should be kept ready. There should be no doubt that the fund is prepared to deploy its emergency procedures: Dominique Strauss-Kahn, head, IMF
Contrary to popular belief, so far this hasn't really been a banking crisis. The institutions that have gotten into trouble handle a broad range of financial instruments. Real banks, in this sense, are the sinews of the economy. If they become affected, then we'll find ourselves in an even more serious stage of the crisis. Then the economy as a whole could begin to seize up: Heizo Takenaka, former Japanese minister of economic and fiscal policy
Link ---> http://specials.rediff.com/money/2008/sep/25slid1.htm
Quotes:
What is the nature of the crisis? The details can be insanely complex, but the basics are fairly simple. The bursting of the housing bubble has led to large losses for anyone who bought assets backed by mortgage payments; these losses have left many financial institutions with too much debt and too little capital to provide the credit the economy needs; troubled financial institutions have tried to meet their debts and increase their capital by selling assets, but this has driven asset prices down, reducing their capital even further: Economic Nobel laureate Paul Krugman
We live in an interdependent world and the fate of all countries is related to the international financial system. Our value markets are opened to the world and, if they are affected, this will affect our capacity to finance our development. If the financial crisis causes a recession in the main economies, this will compromise our exports: Manmohan Singh, Prime Minister, India
The situation is going to get better when you feel good about buying Citigroup stock. Right now, nobody feels good about buying it: John Catsimatidis, supermarket billionaire and New York mayoral hopeful
I know too well how disastrous these slumps can be. During the 1991 recession I was basically bankrupt -- it all happens very quickly. So what's the use in finger-pointing? I don't want to see the Americans go down the pan. Everyone knows that we'll follow: Stephen Brown, British citizen
You can't just blame the banks, you also can blame the people that took out mortgages... We were brought up that you first had to put some savings together and then enjoy. But this whole society has gotten to the fact that we're a 'now, give it to me today' kind of society. I think regulation has not been adequate. There's no one person to blame other than all of us: Mike Bloomberg, mayor, New York, former Wall Streeter, founder, financial services company Bloomberg
My own view right now is that cash is king; liquidity is king: Don Marron, US billionaire
We have counted on emerging economies, which collectively account for half of global GDP, to hold up. However, with the credit crisis reaching shores of emerging market countries, their growth is now likely to fall well below trend by the end of the year: Moody's Economy.com
Regulators are helping us to identify the quickest and most efficient method to purchase equity in financial institutions so they can resume lending. Throughout this process, we have kept in mind one clear priority: to protect the taxpayers by making the best use of their money: Neel Kashkari, interim assistant secretary for financial stability, US
Globalisation, America as the centre of the globalised financial markets, was sucking up the savings of the world. This is now over. The game is out. It does mean a very serious adjustment for America: George Soros, billionaire investor, head of Soros Fund Management
This has been a man-made catastrophe. The actions and responses to overcome lie in all our hands. We must also insure that as governments and publics turn their attention to matters close to home that they do not step back from their commitments to boost overseas assistance: Robert Zoellick, President, World Bank
America is a different world, where all kinds of people can get credit they shouldn't be getting. We Germans are different: Micky Gliese, German citizen
Any company that is built around the need to add debt is in trouble. The process of deleveraging is industry agnostic. If I had the time, I would be researching every company that needs renewable and expandable debt to survive and would short the sh*t out of it: Mark Cuban, owner, Dallas Mavericks and founder, HDNet.
In an interconnected world, no nation will gain by driving down the fortunes of another. We are in this together. We will come through it together. There have been moments of crisis in the past when powerful nations turned their energies against each other or sought to wall themselves off from the world. This time is different: George W Bush, President, US
It does make me angry that this situation has been created by greedy, irresponsible, feckless city boys. The financial world has been acting in a megalomaniacal fashion and deserves to be taken down a peg or five. This is a terrible situation for the average hard-working family. It happened to my family in the 90's during the last downturn and affected us deeply for years: Katherine Walker, British citizen
It is now becoming clear that emerging market countries are likely to be hit hard by financial turmoil, despite stronger fundamentals and policy frameworks. Lest a sudden stop of capital bring their progress to a sudden halt or, worse, bring down their financial systems, some form of large and rapid financing should be kept ready. There should be no doubt that the fund is prepared to deploy its emergency procedures: Dominique Strauss-Kahn, head, IMF
Contrary to popular belief, so far this hasn't really been a banking crisis. The institutions that have gotten into trouble handle a broad range of financial instruments. Real banks, in this sense, are the sinews of the economy. If they become affected, then we'll find ourselves in an even more serious stage of the crisis. Then the economy as a whole could begin to seize up: Heizo Takenaka, former Japanese minister of economic and fiscal policy
What is subprime crisis? How it caused financial mayhem?
Link ---> http://specials.rediff.com/money/2008/oct/17slde1.htm
Wednesday, October 8, 2008
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