Sam Bankman-Fried: Hidden Funds

Meaning of Sam Bankman-Fried Money Quote: saying there is no hidden money or accounts after the FTX bankruptcy, all invested in in business. Sam Bankman-Fried said:
 

 

“No, I don’t have any hidden funds. Everything I have, I’m disclosing. I’m down to one working credit card left [and] I think $100,000 or something like that, in a bank account. Everything that I had, even all the loans I had, I was reinvesting in the businesses — I put everything I had into FTX” — Sam Bankman-Fried

In this quote, Sam Bankman-Fried seems to be responding to accusations that he has hidden or undisclosed funds following the collapse of FTX. Some key points:

• He directly states that he has “no hidden funds” and is disclosing everything he has.
• Bankman-Fried claims he only has one working credit card left and about $100,000 in a bank account, implying he has very little personal wealth outside of what was tied up in FTX.
• He asserts that he reinvested all loans and earnings back into running FTX and other affiliated businesses, suggesting he did not retain much for himself individually.
• The quote portrays Bankman-Fried as having essentially put all his money and resources into FTX and its operations, with little left for himself now that the company has failed, allowing no hidden reserves.

Overall, Bankman-Fried appears to be vigorously denying allegations of undisclosed assets, maintaining publicly that when FTX collapsed, so too did the vast majority of his own personal net worth which he claims was entirely sunk into and reliant upon the company’s success.

John Adams: Abhor Banking System

John Adams Money Quote saying banking is abhorrent when it’s about profit for bankers rather than the public good. John Adams said:
 

 

“Funds and Banks. I never approved or was Satisfied with our Funding System. It was founded on no consistent Principle. It was contrived to enrich particular Individuals at the public Expence. Our whole banking System I ever abhored, I continue to abhor, and shall die abhorring” — John Adams

In this quote, John Adams is strongly criticizing the early American system of public funding and banking. The best interpretation is:

• Adams states he never supported the “Funding System” and felt it lacked coherent principles, implying it was inconsistently designed and implemented.
• He argues it was a scheme primarily meant to “enrich particular Individuals” through insider privileges, at the “public Expence” or taxpayer cost.
• Adams also harshly disapproved of the entire “banking System” as deeply flawed and abused for private gains. He maintained a lifelong disdain for it as expressed by his intention to “die abhorring” the system.

Overall, the quote conveys Adams’ conviction that the nascent national funding apparatus and banks were vehicles for corruption that prioritized select economic interests over responsible stewardship of public monies. From his perspective, they lacked integrity and justly enriched only a privileged few at the public’s expense according to the disapproving tone of his critique.

Birthday: October 30, 1735 – Death: July 4, 1826

Jerome Powell: Regulate Crypto

Jerome Powell Money Quote saying cryptocurrency is similar to money market funds and should be regulated the same. Jerome Powell said:
 

 

“Stablecoins are like money market funds, they’re like bank deposits. But they’re to some extent outside the regulatory perimeter, and it’s appropriate that they be regulated” — Jerome Powell

In this quote, Jerome Powell seems to be expressing the view that stablecoins, a type of cryptocurrency designed to maintain price stability relative to assets like the U.S. dollar, effectively function similarly to traditional financial products but currently face less regulatory oversight. Specifically:

• Powell notes that stablecoins operate very much like money market funds or bank deposits by aiming to preserve value, yet they exist “outside the regulatory perimeter” to some degree.
• He appears to believe stablecoins effectively serve as cash-like assets for many users in how they are utilized, despite escaping certain regulations that govern comparable traditional financial instruments.
• Powell states it is therefore “appropriate” that stablecoins now experience increased “regulation” to bring them in line with the rules and safeguards applied to analogous mainstream monetary products and services.

The best interpretation is that Powell believes stablecoins have essentially become a substitute for cash and cash equivalents in practice, and to ensure fairness, financial stability and consumer protection, their regulatory treatment should be strengthened to be commensurate with the economic role they now play according to his perspective on the need to modernize oversight for evolving digital asset classes functioning like traditional monetary vehicles.

Here’s the money quote 💸#FederalReserve Chair #JeromePowell very clear that he has no intention to BAN #cryptocurrencies but they will regulate 👇#bitcoin #dogecoin #Ethereum #crypto pic.twitter.com/OAzJbh1pjk

— Susan Li (@SusanLiTV) September 30, 2021

Marc Faber: Printed Money Flow

Marc Faber Money Quote saying printing money is more complicated than injecting cash into the economy for workers – it remains in the finance industry. Marc Faber said:
 

 

“When you print money, the money does not flow evenly into the economic system. It stays essentially in the financial service industry and among people that have access to these funds, mostly well-to-do people. It does not go to the worker” — Marc Faber

In this quote, economist Marc Faber seems to be cautioning that the effects of monetary policies like quantitative easing (printing money) do not always trickle down evenly through the entire economy. He suggests that much of the newly created money ends up concentrated within the financial sector and among higher income individuals/institutions that have direct access to investment opportunities.

In contrast, the average worker may see little direct benefit from such actions in terms of higher wages or more job opportunities. Faber implies printing money can disproportionately help those already engaged in financial activities and assets, rather than directly stimulating broader employment and consumer spending that benefits a wider segment of the population.

So the quote serves as a reminder that monetary stimulus does not guarantee widespread prosperity and that its impacts are not uniform across socioeconomic classes.

Michael Bloomberg: Money in Hand

Michael Bloomberg Money Quote saying If people have money, they’ll put that money into the economy to save, invest and banks will loan it out. Michael Bloomberg said:
 

 

“And I think the more money you put in people’s hands, the more they will spend. And if they don’t spend it, they invest it. And investing it is another way of creating jobs. It puts money into mutual funds or other kinds of banks that can go out and make loans, and we need to do that” — Michael Bloomberg

In this quote, Michael Bloomberg is arguing that putting more money in people’s hands through various economic policies will help stimulate broader economic activity and job creation.

He notes that if people have more money, they will either spend it, which increases consumer demand for goods and services and helps businesses grow and hire more employees.

Or they will invest it, such as by putting it into mutual funds or savings accounts, and this capital can then be used by those institutions to make loans to other individuals and companies, again fostering more economic activity and job creation.

By saying “we need to do that”, Bloomberg appears to be advocating for policies that aim to put more disposable income in the hands of consumers and investors as a way to strengthen the overall economy and labor market.

Thomas Sowell: Compassion Buy

Thomas Sowell Money Quote saying compassionate politicians find a way to buy votes with public money. Thomas Sowell said:
 

 

“Compassion is the use of public funds to buy votes” — Thomas Sowell

Thomas Sowell is criticizing the use of government welfare programs as a way for politicians to gain votes from citizens. He argues that when politicians spend tax money on social services or aid for disadvantaged groups, they are essentially buying the support and votes of those who benefit from such “compassionate” policies.

According to Sowell, compassionate rhetoric is employed to mask the true motivation of securing electoral backing through the strategic distribution of public resources. While politicians say they aim to help the needy, Sowell implies their main goal is acquiring political power by purchasing votes with taxpayer funds.

His view seems to be that compassion has become an instrument of electoral strategy rather than a principle of governance.

Birthday: June 30, 1930

Pelosi & Schumer: Coronavirus Cost

Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer Money Quote saying that they are concerned about the White House failing to get aid to those who need it most to resolve coronoavirus economic costs. Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer said:
 

 

“Any emergency funding supplemental the Congress approves must be entirely new funding — not stolen from other accounts — and include, at a minimum, strong provisions that ensure that:

1. The president cannot transfer these new funds to anything other than the coronavirus and fighting infectious diseases;
2. Vaccines are affordable and available to all that need it;
3. Interest-free loans are made available for small businesses impacted by the outbreak;
4. and The state and local governments are reimbursed for costs incurred while assisting the federal response to the coronavirus outbreak”

— Speaker Nancy Pelosi and Senate Democratic Leader Chuck Schumer

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Bill Nye: Bitcoin Commerce

Bill Nye Money Quote saying electronic payments are inevitable for most forms of commerce, it might be bitcoin or not. Bill Nye said:
 

 

“If it’s not bitcoin, it’ll be something. The future of commerce is going to be all electronic. The gold standard was a fine idea, but electronic changes of funds and credits will be the future” — Bill Nye

Bill Nye is discussing the future of commerce and payments. He is saying that while bitcoin may not end up being the dominant form of electronic currency, some form of electronic or digital payment will likely take over most commerce transactions in the future.

He notes that the gold standard worked in the past but that going forward, commerce will shift to using electronic transfers of funds and credits between parties rather than physical currencies or assets like gold.

So in summary, Nye believes the future of how we pay for goods and services will be through digital and electronic means, whether that ends up being bitcoin or some other cryptocurrency or payment technology.