Mark Sundeen: Wall Street Felons

Meaning of Mark Sundeen Money Quote: saying We complain about the felons of Wall Street, but keep them in control by paying them. Mark Sundeen said:
 

 

“Grumble as we might about Wall Street felons, we keep the banks in business by lending them our money, paying their interest on mortgages and credit cards, and amassing our savings in their IRAs and money-market accounts” — Mark Sundeen

Mark Sundeen seems to be pointing out that despite complaints about unethical behavior by some in the financial industry, average citizens continue to support and fund the major banks through various financial activities.

By taking out loans like mortgages and credit cards that charge interest, keeping savings in retirement accounts at these institutions, and depositing money in bank accounts, people are essentially “lending” their money to the banks and keeping them in business.

So even while some banks engage in illegal behavior, the general public still relies heavily on these financial companies for various services and products. Sundeen’s quote suggests this ongoing financial patronage is what really allows the banks to maintain their prominent role in the economy, more so than any displeasure voiced about their actions on Wall Street.

Dave Ramsey: Debt Borrower Slave

Meaning of Dave Ramsey Money Quote: saying debt makes banks richer, not borrowers, who are slaves to banks. Dave Ramsey said:

 

 

“Debt is not a tool; it is a method to make banks wealthy, not you. The borrower truly is slave to the lender” — Dave Ramsey

The best interpretation of this Dave Ramsey quote is that he believes taking on debt does not empower or benefit the borrower, but rather enriches lenders and banks. By stating debt is “not a tool” and that it makes banks wealthy rather than the borrower, Ramsey is suggesting debt is not a useful financial instrument and does not aid the individual using it.

He implies borrowing only advantages the lender by putting them in a position of power over the borrower as a “slave.” Ramsey appears to be strongly discouraging the use of debt and promoting avoiding it in order to not be financially beholden or controlled by lenders. His view is that debt undermines individuals rather than helping or enabling them.

Hendrith Smith: Necessary Capital

Meaning of Hendrith Smith Money Quote: saying Banks can be compared to the heart of the economy as it keeps money flowing throughout the finance body. Hendrith Smith said:
 

 

“Banks are to the economy what the heart is to the human body. They cycle necessary capital through the whole, and they are barely noticed until pressure, necessity, or crises” — Hendrith Smith

This quote from Hendrith Smith suggests that banks play a vital yet often overlooked role in the economy, functioning like the heart by circulating funds throughout the system. Some key points in interpreting the perspective:

• Smith portrays banks as circulating “necessary capital” through business and consumer lending, financing activities that drive economic activity much like the heart circulates blood.
• He implies that banks’ activities are taken for granted until difficulties arise, just as the heart is only noticed when problems occur like high blood pressure.
• Smith’s perspective conveys that banks perform an important yet behind-the-scenes function of facilitating transactions, investments and liquidity management through lending and payments.
• However, reasonable experts can disagree on the appropriate structure and regulation of banking systems given changing economic conditions over time to balance stability, growth and consumer protection.

Overall, the quote reflects Smith’s observation that banks, though often overlooked, play a vital role in the economy similar to the heart’s function. But the best interpretation also considers this perspective alongside other reasonable stances, as the complex realities of banking require open debate and evidence-based discussions on all sides given evolving circumstances. Multiple viewpoints have merit in such discussions.

Matshona Dhliwayo: Capital Religion

Meaning of Matshona Dhliwayo Money Quote: saying finance is religion for many and express themselves via commerce. Matshona Dhliwayo said:

 


 

“The world’s biggest religion is capitalism: money is our god, greed is our priest, banks are our temples, and shopping is how we express our worship” — Matshona Dhliwayo

In this quote, Matshona Dhliwayo is making a critique of modern capitalist society by likening it to a religion with money and greed at its core. He suggests that capitalism has become the dominant ideology or “world’s biggest religion” where wealth (money) is viewed almost devoutly as the highest value and purpose.

Dhliwayo portrays greedy profit-seeking as the priestly function that drives this religion, with banks serving as the temples where financial worship is conducted. Finally, he implies that mass consumption through shopping has become the ritualistic practice through which people demonstrate their reverence within this economic faith system.

Overall, the quote conveys Dhliwayo’s view that capitalism has transcended an economic system and become a all-encompassing worldview where the pursuit of wealth through the mechanisms of greed, banking and consumerism holds a quasi-religious level of significance, devotion and social influence for many in contemporary society.

He presents capitalism metaphorically as having assumed the role and function of an overarching faith that dominates people’s mindsets and behaviors.

Willie Sutton: Where The Money Is

Meaning of Willie Sutton Money Quote: saying it only makes sense that to rob, go where there is money, banks have it. Willie Sutton said:

 

“(Why do you rob banks, Willie?) Because that’s where the money is” — Willie Sutton

This famous quote attributed to bank robber Willie Sutton suggests that his motivation for robbing banks was simply to obtain money, as that is where large sums of cash are concentrated. Some key points in interpreting his perspective:

• Sutton portrays banks as an obvious target due to the large amounts of cash and other valuables kept on premises compared to most other locations.
• His response implies an almost casual or matter-of-fact attitude towards bank robbery as a means to acquire funds, with no other apparent justification given.
• Of course, reasonable observers would condemn Sutton’s criminal actions. However, his quote has also become a pop cultural reference highlighting the perceived abundance of wealth housed in banking institutions.
• A balanced interpretation acknowledges his perspective while also recognizing that progress emerges from respectful discussion of ideas, not endorsement of unlawful behavior that endangers lives or undermines justice.

Overall, the quote succinctly conveys Sutton’s perspective on why he targeted banks during his life of crime. However, the best analysis considers this viewpoint as just one data point, and recognizes the importance of upholding law and order through open-minded debate of complex issues according to principles of nonviolence, compassion, and bringing people together wherever possible through equitable policymaking and social reform over time.

Birthday: June 30, 1901 – Death: November 2, 1980

Steve Keen: Banks, Debt, Money

Meaning of Steve Keen Money Quote: saying economists don’t discuss some important aspects for economic models ignoring key points. Steve Keen said:

 

 

“If you look at mainstream economics there are three things you will not find in a mainstream economic model – Banks, Debt, and Money … Like an ornithologist trying to work out how a bird flies whilst ignoring that the bird has wings” — Steve Keen

In this quote, Steve Keen is criticizing mainstream economic theories for failing to adequately account for or model key real-world economic phenomena.

When he says mainstream models don’t include “banks, debt, and money”, Keen is referring to the central roles that banking, lending, and currency/monetary policy play in real economies, but are often abstracted or ignored in simplified theoretical frameworks.

He likens this to an ornithologist studying flight without acknowledging birds have wings – pointing out the absurdity of analyzing economic functions without representing formative institutions like banks and incorporating debt and money flows.

Overall, the quote suggests Keen views mainstream economics as incomplete and not fully reflective of reality due to its neglect of these defining economic features that shape macroeconomic behavior and outcomes in practice.

Andrew Jackson : Afraid of Banks

Meaning of Andrew Jackson Money Quote: saying As seventh president of the U.S. expressing distaste for banks. Andrew Jackson said:
 

 

“I have always been afraid of banks” — Andrew Jackson

This quote from Andrew Jackson suggests he harbored distrust or skepticism of the banking industry. Some key points in interpreting his perspective:

• Jackson implies he viewed banks as potentially posing dangers or threats worth guarding against through his use of the word “afraid.”
• He portrays banks as institutions that gave him cause for concern, caution or wariness rather than confidence.
• Jackson had an antagonistic relationship with the Second Bank of the United States and viewed it as favoring wealthy elites over average citizens.
• However, banks also provide important services, and reasonable experts acknowledge both opportunities and risks that merit open discussion and evidence-based reforms to balance priorities over time.

Overall, the quote conveys Jackson’s negative stance toward banks based on his experiences. But the best interpretation also considers this as one perspective in ongoing debates, and recognizes banking is a complex issue where reasonable analysts and policymakers may disagree in good faith on modernization that optimizes services, consumer protections, stability and economic opportunity according to changing needs and conditions.

Birthday: March 15, 1767 – Death: June 8, 1845

Joseph Stiglitz: Banks Too Big Fail

Meaning of Joseph E. Stiglitz Money Quote: saying giant banks have become not only too big to fail, but too big for responsibility. Joseph E. Stiglitz said:

 

 

“We have banks that are not only too big to fail, but too big to be held accountable” — Joseph E. Stiglitz

The quote by Joseph E. Stiglitz suggests that large banks are so powerful and influential that they are unable to be held accountable for their actions. This could be interpreted in a few ways:

1. Too big to fail: The quote could be interpreted as meaning that these banks are so large and interconnected that their failure would have catastrophic consequences for the entire financial system, making it impossible to hold them accountable for their actions.
2. Too big to be regulated: The quote could also be interpreted as meaning that these banks are so large and powerful that they are able to avoid or evade regulations and oversight, making it difficult to hold them accountable for their actions.
3. Too big to be prosecuted: The quote could also be interpreted as meaning that these banks are so large and influential that they are able to avoid criminal prosecution for their actions, making it difficult to hold them accountable for their actions.

Overall, the quote suggests that the size and power of these banks can make it difficult to hold them accountable for their actions, which could be seen as a problem for the stability and fairness of the financial system.