industry for financial institutions such as banks and credit unions
Quotes about the business of Bank institutions where one can place and borrow money and take care of financial affairs.
- “They do not know how to do right,” declares the Lord,
- The modern banking system manufactures “money” out of nothing; and the process is, perhaps, the most, astounding piece of “sleight of hand” that was ever invented. In fact, it was not invented. It merely “grew”. … Banks in fact are able to create (and cancel) modern “deposit money”, just as much as they were originally able to create, or call in, their own original forms of private notes. They can, in fact, inflate and deflate, i.e., mint, and un-mint the modern “ledger-entry” currency.
- The best way to rob a bank is to own one.
- William K. Black, The Best Way to Rob a Bank is to Own One: How Corporate Executives and Politicians Looted the S&L Industry (2005)
- I am just a banker "doing God’s work".
- Lloyd Blankfein, CEO, Goldman Sachs, 2009 statement. Source: Wall Street Journal, May 2010.
- Banks are the temples of America. This is a holy war. Our economy is our religion.
- Giannina Braschi, "United States of Banana," AmazonCrossing, 2011.
- Banks do not have an obligation to promote the public good.
- Alexander Dielius, CEO, Goldman Sachs, Germany, Austria, Eastern Europe, January 2010 statement, as quoted in Wall Street Journal, May 2010.
- The actual process of money creation takes place in commercial banks. As noted earlier, demand liabilities of commercial banks are money. … Confidence in these forms of money also seems to be tied in some way to the fact that assets exist on the books of the government and the banks equal to the amount of money outstanding, even though most of the assets themselves are no more than pieces of paper...
- Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.
- The 12 regional reserve banks aren't government institutions, but corporations nominally 'owned' by member commercial banks.
- Federal Reserve Bank of New York, I Bet You Thought... (1977), p. 27.
- Bankers have no right to establish a customary law among themselves, at the expence of other men.
- Foster, J., Hankey v. Trotman (1746), 1 Black. Rep. 2; reported in James William Norton-Kyshe, The Dictionary of Legal Quotations (1904), p. 17.
- The study of money, above all other fields in economics, is one in which complexity is used to disguise truth or to evade truth, not to reveal it.
- John Kenneth Galbraith, Money: Whence it came, where it went (1975), p. 15.
- The process by which banks create money is so simple that the mind is repelled.
- John Kenneth Galbraith, Money: Whence it came, Where it Went p. 29.
- The use of money does not disestablish the normal process of creating credit. Money, it is true, is always being paid into the banks by the retailers and others who receive it in the course of business, and they of course receive bank credits in return for the money thus deposited. But for the manufacturers and others who have to pay money out, credits are still created by the exchange of obligations, the banker's immediate obligation being given to his customer in exchange for the customer's obligation to repay at a future date. We shall still describe this dual operation as the creation of credit. By its means the banker creates the means of payment out of nothing, whereas when he receives a bag of money from his customer, one means of payment, a bank credit, is merely substituted for another, an equal amount of cash.
- And I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.
- So limited is our knowledge that we resort, not to science, but to shamans. We place control of the world's largest economy in the hands of a few elderly men, the central bankers.
- Benoît Mandelbrot, The (Mis)Behavior of Markets (2004, 2008), Ch. 13, p. 254–255.
- With money every form of intercourse, and intercourse itself, is considered fortuitous for the individuals.
- Karl Marx in The German Ideology.
- We [Banks] have a "right to make a profit"
- Brian Moynihan, CEO, Bank of America, 2011 statement. Source: Money.CNN.com October 5th, 2011.
- But please do not think that I am not fond of banks,
Because I think they deserve our appreciation and thanks.
- Ogden Nash. ‘Bankers are Just Like Everybody Else, Except Richer’, The Face is Familiar (1954).
- Since those who rule in the city do so because they own a lot, I suppose they're unwilling to enact laws to prevent young people who've had no discipline from spending and wasting their wealth, so that by making loans to them, secured by the young people's property, and then calling those loans in, they themselves become even richer and more honored.
- Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. 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. The increased concentration among banks seems to have the effect of making financial crisis less likely, but when they happen they are more global in scale and hit us very hard. 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.
- Nassim Nicholas Taleb, The Black Swan: The Impact of the Highly Improbable (2007) Ch. 14: From Mediocristan to Extremism, and Back, pp. 225-226
- The banks do create money. They have been doing it for a long time, but they didn't quite realise it, and they did not admit it. Very few did. You will find it in all sorts of documents, financial textbooks, etc. But in the intervening years, and we must all be perfectly frank about these things, there has been a development of thought, until today I doubt very much whether you would get many prominent bankers to attempt to deny that banks create credit.
- H. W. White, Chairman of the Associated Banks of New Zealand, to the New Zealand Monetary Commission, 1955.
- There is no group of people on the planet more stupid than bankers. They should be called bonkers. Look at the famous banks that are suddenly losing billions, because they handed out loans like lunatics.
- Michael Winner, English film director and producer. From his interview in The Daily Mail (UK) newspaper, 17th June 2008.