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"One of the special characteristics of New York is that it is different from a London or a Paris because it's the financial capital, and the cultural capital, but not the political capital."
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"He became convinced that ordinary commercial financing could be done for a service charge plus an insurance fee amounting to much less that the current rates of interest charged by banks, whose rates were based on supply and demand, treating money as a commodity rather than as a sovereign state's means of exchange."
"Thirty to 40 years ago, most financial decisions were fairly simple."
"When you work hard in a job that suits your living standards, never greed for fortune because you will distract yourself from fulfilling other important priorities and participating in leisure activities in your current life. You will eventually gain the fortune if you set up a wise investment goal by having pride and confidence on your savings."
"It's hard to exaggerate the importance of preserving the financial integrity of Social Security."
"In the financial system we have today, with less risk concentrated in banks, the probability of systemic financial crises may be lower than in traditional bank-centered financial systems."
"Many critics of the Palestinians, especially those in Congress, think the current calm is merely the eye of the storm. That's why the House of Representatives approved a foreign aid package last week that forbade the direct financial assistance to the Palestinian Authority ."
"A penny saved is not a penny earned if at the end of the day you still owe a quarter."
Explore more quotes by Ron Chernow
"The mutual fund industry and small investors are very relentless and very unforgiving if people don't perform."
"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."
"There is a kind of fear, approaching a panic, that's spreading through the Baby Boom Generation, which has suddenly discovered that it will have to provide for its own retirement."
"As the bull market goes on, people who take great risks achieve great rewards, seemingly without punishment. It's like crime without punishment or sex without sin."
"Once the brokerage house, rather than the bank, became the locus for American savings, that money would find its way into the stock market, because the broker was someone with a much higher tolerance for risk than the banker."
"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."
"Any bull market covers a multitude of sins, so there may be all sorts of problems with the current system that we won't see until the bear market comes."
"As a bull market continues, almost anything you buy goes up. It makes you feel that investing in stocks is a very easy and safe and that you're a financial genius."
"In the 1920s you could buy stocks on margin. You could put 10 percent down and borrow the rest against your stocks."
"The founding fathers were not only brilliant, they were system builders and systematic thinkers. They came up with comprehensive plans and visions."
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