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"If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals."
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"The value of money is subjective, depending on age. At the age of one, one multiplies the actual sum by 145,000, making one pound seem like 145,000 pounds to a one-year-old. At seven " Bertie's age " the multiplier is 24, so that five pounds seems like 120 pounds. At the age of twenty four, five pounds is five pounds; at forty five it is divided by 5, so that it seems like one pound and one pound seems like twenty pence. (All figures courtesy of Scottish Government Advice Leaflet: Handling your Money.)"
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Personal Development
"The financial crisis should not become an excuse to raise taxes, which would only undermine the economic growth required to regain our strength."
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Personal Development
"Money can't buy happiness but it will certainly get you a better class of memories."
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Personal Development
"It's not easy to part with the trophies. However, I do need to have some long-term financial security for those close to me."
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Personal Development
"As you know, Social Security functions under the premise that today's workers will help finance benefits for retirees and that these workers will then be supported by the next generation of workers paying into the same system."
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Personal Development
"I got IRS records to finance what I wanted to do."
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Personal Development
"Sometimes one is guided by what they say of themselves, and very frequently by what other people say of them, without giving oneself time to deliberate and judge."
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Personal Development
"Not an old woman that buys a paper of pins, without yielding a part of the price to the banks as interest!"
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Personal Development
"The rest of the world needs the US economy and financial system to recover in order for it to revive. We remain at the center of global economic activity with financial and trade ties to every region of the globe."
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Personal Development
"Failure is a steppingstone to poverty, Cosmic Ordering is an elevator to success."
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Personal Development
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"Mutual fund managers are trapped in this rather deadly vicious circle: the more successful they are, the more money flows into their mutual fund. Then, it is more difficult for them to beat the market averages or even to match their own past performance."
Money
"Early on, New York already had a national and even international identity."
Identity
"Mutual funds have historically offered safety and diversification. And they spare you the responsibility of picking individual stocks."
Responsibility
"We really haven't had very much experience with people funding their retirement out of the stock market, and we don't know, frankly, how it would work under every scenario."
Experience
"In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks."
Attitude
"You don't want too much fear in a market, because people will be blinded to some very good buying opportunities. You don't want too much complacency because people will be blinded to some risk."
People
"In the 1920s, Wall Street was a world that was really dominated by professional speculators and stock pools. These people had a monopoly over information."
People
"By the late 1980s people realized that houses did not always appreciate and that they could fluctuate like any other market commodity."
People
"The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before."
Faith
"What I find very interesting about the mutual funds managers is that here are people who are the new masters of the universe. They're managing billions, yet they're subject to this quiet daily tyranny of numbers."
People
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