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.

James Buchan: Suicidal Banking

James Buchan Money Quote saying bankers commit dangerous and self-destructive things that put their depositors at risk. James Buchan said:
 

 

“At the heart of banking is a suicidal strategy. Banks take money from the public or each other on call, skim it for their own reward and then lock the rest up in volatile, insecure and illiquid loans that at times they cannot redeem without public aid” — James Buchan

In this quote, author James Buchan is critically analyzing the business model of banking. He suggests that at its core, banking relies on a “suicidal strategy” where funds are borrowed short-term from depositors or other banks but then invested long-term in risky loans that may become illiquid or default.

Buchan implies this mismatch of liquidity leaves banks vulnerable if depositors demand their money back all at once, requiring public bailouts at times to avoid collapse.

Overall, the quote portrays skepticism of a system where banks leverage public trust in unstable assets for private “reward”, while taxpayers bear the costs when risks materialize. Buchan seems to be calling attention to potential instabilities in how banks intermediate funds.

Frederic Clemson Howe: War Costs

Frederic Clemson Howe Money Quote saying that if the wealthy classes had to pay for wars they start, the war would never begin – it is paid by the working class and poor. Frederic Clemson Howe said:
 

 

“There would be an end of war and preparations for war if the cost were borne by those responsible for war. There would be an end of armaments and preparedness if incomes and inheritances and the landed estates of the feudal classes paid for the protection which their privileges enjoy. War and preparations for war are possible only because the ruling classes are able to shift a great part of the cost onto the poor by indirect taxation and loans. War expenditures are tolerated only because the burdens are concealed in the increased cost of the things people consume” — Frederic Clemson Howe

In this quote, Frederic Clemson Howe is arguing that wars and military buildup are primarily possible due to the ruling/wealthy classes being able to pass much of the financial costs onto the poor through taxes and loans rather than bearing the costs themselves.

He suggests that if those truly responsible for decisions leading to conflict had to directly pay for defense spending through their own incomes, estates, etc., there would be an end to warfare and arms races. Howe also claims war expenditures are tolerated because the fiscal burdens are obscured and hidden through inflation of consumer goods prices rather than obvious direct taxation.

The best interpretation is that Howe is criticizing how the costs of militarism have historically been disproportionately shouldered by the less wealthy through indirect means, allowing conflicts and preparedness to continue when the elite classes do not have sufficient skin in the game financially.

Birthday: November 21, 1867 – Death: August 3, 1940

Donald Trump: Banks Incoherent

Donald Trump Money Quote saying banks of all sizes are processing loans for businesses of all sizes. Donald Trump said:
 

 

“Just like we’re going to help the airlines and the big companies, we’re going to help the little companies. And the banks are run – nobody is equipped to do a thing like that, but the banks are equipped. So, the banks are doing it. Big banks, small banks. We have many banks — community banks — and they’re processing the loans” — Donald Trump

This quote from Donald Trump suggests that just as the government is providing assistance to major industries and large corporations impacted by the pandemic, it will also help support smaller businesses through lending programs. Specifically, he indicates that banks, both large and small, will be the entities facilitating loans to these little companies.

While acknowledging banks have expertise in this area that the government lacks, an balanced interpretation would note that the success of the programs ultimately depended on details of their implementation and oversight.

Overall, the quote conveys an aim of extending aid broadly across business sizes, but a full assessment would consider both Trump’s perspective as well as challenges that arose in fairly distributing relief.

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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Franklin Roosevelt: Bankers Incompetence

Franklin Delano Roosevelt Money Quote saying the untrustworthy bankers are unwisely speculating and writing bad loans. Franklin Delano Roosevelt said:
 

 

“Some of our bankers had shown themselves either incompetent or dishonest in their handling of the people’s funds. They had used the money entrusted to them in speculations and unwise loans” — Franklin Roosevelt

Franklin Roosevelt’s statement about bankers’ handling of people’s funds likely resonated with the public during his time as it highlighted the perceived incompetence and dishonesty of some bankers in the wake of the Great Depression.

Many people were struggling financially and felt that the bankers were not managing their funds responsibly. This sentiment likely struck a chord with the public and may have contributed to Roosevelt’s popularity and the support for his policies.

Birthday:January 30, 1882 – Death: April 12, 1945

Google: We’re Banning Payday Loan Ads

David Graff, Director Global Product Policy at Google Money Quote saying payday lending search ads are being banned as of July 16, 2016. Google said:
 

 

“We’re banning ads for payday loans and some related products from our ads systems. We will no longer allow ads for loans where repayment is due within 60 days of the date of issue” — David Graff, Google

In this quote, David Graff of Google is announcing a new policy regarding payday loan ads on their platforms. Payday loans are short-term, high-interest loans intended to bridge a cash flow gap until a person’s next payday.

However, they are often criticized for trapping borrowers in long-term cycles of debt due to the quick repayment timeframes. Graff says Google will no longer allow ads for loans where the full amount is due within 60 days, which would include most payday loans.

His statement implies Google views these types of short-term, high-interest loans as predatory towards financially vulnerable consumers. By banning ads for them, Graff seems to aim to curb predatory lending practices and protect people from the risks of unaffordable payday loan terms that can lead to prolonged debt cycles.

Bernie Sanders: Banking, Not Gambling

Bernie Sanders Money Quote saying we need to stop Wall Street from speculating with small depositors money. Bernie Sanders said:
 

 

“Banking should be about providing affordable loans to Americans who need to purchase homes and cars, not reckless gambling on Wall Street” — Bernie Sanders

In this quote, Bernie Sanders outlines his view of the proper role and priorities of the banking industry. He believes banks should focus on “providing affordable loans to Americans” seeking to buy necessities like homes and vehicles, which supports the real economy.

However, Sanders argues that “reckless gambling on Wall Street” through complex financial products distracts from this core function. His perspective is that banks would be better fulfilling their social purpose by concentrating on reasonably priced lending to the public rather than high-risk speculation.

The quote conveys Sanders’ position that banking should serve ordinary citizens’ needs, not the profit motives of Wall Street, by orienting their activities around steady consumer and business credit rather than volatility and outsized profits through trading.

Banking should be about providing affordable loans to Americans who need to purchase homes and cars, not reckless gambling on Wall Street.

— Bernie Sanders (@BernieSanders) May 2, 2016