Alan Greenspan: Savings Inflation

Meaning of Alan Greenspan Money Quote: suggesting that the gold standard protects savings from inflation by a store of value. Alan Greenspan said:
 

 

“In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value” — Alan Greenspan

In this quote, Alan Greenspan expresses the view that without linking a currency to a gold standard, people’s savings are vulnerable to erosion via inflation.

By saying there is “no way to protect savings from confiscation through inflation”, Greenspan suggests that when fiat money can be printed at will by governments, inflation can act as a hidden tax on savers that slowly diminishes the real value of their assets over time.

He implies that gold, as a commodity with intrinsic value not controlled by any one entity, serves as a more secure “safe store of value” against this threat.

Overall, the quote conveys Greenspan’s belief that inflation poses a risk to savings under a fiat monetary system without the discipline of being convertible to gold.

Dwight D. Eisenhower: Sound Dollar

Meaning of Dwight D. Eisenhower Money Quote: saying stability of the dollar keeps prices acceptable and stops dwindling of assets. Dwight D. Eisenhower said:
 

 

“For every American this matter of the sound dollar is crucial. Without a sound dollar, every American family would face a renewal of inflation, an ever-increasing cost of living, the withering away of savings and life insurance policies” — Dwight D. Eisenhower

In this quote, Dwight D. Eisenhower is emphasizing the importance of maintaining a “sound dollar” or stable currency for all Americans. He argues that without a sound dollar with steady value, every family would experience a resurgence of inflation where the cost of living continually rises.

Eisenhower also states that unsound monetary policy would lead to people’s savings and life insurance policies gradually losing value over time due to inflation. His point is that inflation erodes purchasing power and the real value of people’s financial assets.

So in summary, the quote is asserting that a sound, stable dollar with low and predictable inflation is crucial for every American family’s economic well-being and security, as high and volatile inflation would negatively impact their cost of living, savings, and insurance policies by diminishing their real spending power and returns over the long run. Eisenhower sees maintaining a sound currency as vital to Americans’ financial welfare.

Birthday: October 14, 1890 – Death: March 28, 1969

Matthew Desmond: Homeownership

Matthew Desmond Money Quote saying that owning a home can be one of the strongest reasons to save and invest in that ownership. Matthew Desmond said:
 

 

“There is a reason so many Americans choose to develop their net worth through homeownership: It is a proven wealth builder and savings compeller” — Matthew Desmond

In this quote, Matthew Desmond is explaining some of the key benefits of homeownership for Americans as it relates to building wealth and savings. He states that many citizens “choose to develop their net worth through homeownership” because it is a “proven wealth builder” – meaning the equity one gains in a home as its value increases over time contributes significantly to their overall net assets.

He also describes homeownership as a “savings compeller” – implying that owning a home requires maintaining payments and builds the habit of setting aside funds regularly, which leads to greater savings.

So in summary, Desmond is highlighting how the process of paying a mortgage and owning real estate has positive long-term financial effects in terms of amassing wealth and learning disciplined savings behaviors.

Ron Chernow: Broker Banker

Ron Chernow Money Quote saying savings for the wealthy have become financialized by brokers who risk money, rather than save it. Ron Chernow said:
 

 

“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” — Ron Chernow

In this quote, Ron Chernow is contrasting how banks and brokerage houses differently approached managing people’s savings and investments. He notes that historically, banks were more conservative places that took people’s deposits but did not encourage much risk-taking.

However, when brokerage houses became a major place for Americans to put their money aside, more of those savings would enter the stock market. This is because brokers generally have a “higher tolerance for risk” than bankers when allocating funds.

So in essence, Chernow is observing that brokerages steered savings towards the volatile but potentially lucrative stock market, while banks traditionally kept funds out of such risky territories. The quote examines how the rise of brokerages influenced growing investment in the stock sector.

Donna Brazile: Covid & Women

Donna Brazile Money Quote saying women are suffering from Covid 19 in higher numbers due to working in more essential businesses adding to existing inequality. Donna Brazile said:
 

 

“At the same time that women in the U.S. are losing their jobs at higher numbers than men, women have lower earnings and fewer savings to fall back on during the economic downturn caused by the coronavirus pandemic” — Donna Brazile

In this quote, Donna Brazile is highlighting how the economic impacts of the COVID-19 pandemic have disproportionately affected women. She notes that as jobs were lost during the downturn, it was women who lost employment “at higher numbers than men.” Additionally, Brazile points out that women on average have “lower earnings and fewer savings” compared to men.

Therefore, she is arguing that when the coronavirus caused economic turmoil, women were more vulnerable financially since they had less of a safety net like savings or higher wages to fall back on during hard times. In essence, Brazile is drawing attention to the gender inequalities that exacerbated the challenges women faced when dealing with the financial consequences of the pandemic recession according to this interpretation.

Germaine Greer: Housewife Pay

Germaine Greer Money Quote saying there is no job security as a housewife and it can mean a woman can lose the unpaid role without severance pay. Germaine Greer said:
 

 

“The housewife is an unpaid worker in her husband’s house in return for the security of being a permanent employee: hers is the reductio ad absurdum of the employee who accepts a lower wage in return for permanence of his employment. But the lowest paid employees can be and are laid off, and so are wives. They have no savings, no skills which they can bargain with elsewhere, and they must bear the stigma of having been sacked” — Germaine Greer

Germaine Greer is criticizing the traditional role of housewives and comparing their situation to low-paid employees. She argues that housewives work unpaid as laborers in their husband’s home in exchange for the supposed “security” of being a permanent member of the household.

However, Greer says this makes housewives similar to employees who accept lower wages in return for ongoing employment, even though employees can still be laid off. Likewise, wives can find themselves divorced or abandoned by their husbands.

According to Greer, housewives end up in a vulnerable position since they have no independent savings, marketable skills, or way to support themselves if they lose their “job” as a housewife. She asserts that housewives take on risks similar to low-wage workers but without any of the protections or means of support that typical employees have.

Kora-Lea Vidal: No Happiness Savings

Kora-Lea Vidal Money Quote saying that storing up reserves of cash can be all-consuming, but without saving good happiness and enjoyed experiences that money is useless. Kora-Lea Vidal said:

You may have a lot of money tied up in your savings but if you neglected to save up happiness then your money is worthless
— Kora-Lea Vidal

In this quote, Kora-Lea Vidal is emphasizing that financial wealth alone does not guarantee a life of value or meaning if one has not also “saved up happiness” through nurturing personal well-being and strong relationships. Money can provide security and opportunities, but it is ultimately intangible aspects like joy, purpose, health and human connections that enrich our lives.

The best interpretation is that Vidal is cautioning against an excessive focus on accumulating savings and material assets at the cost of prioritizing inner wellness and social support systems. True prosperity depends on achieving a balanced and fulfilling life, not wealth in isolation. Savings may preserve choice, but neglected happiness leaves one with resources that cannot fulfill deeper human needs for meaning and fulfillment.

Elayne Boosler: Banks Keep Savings

Elayne Boosler Money Quote saying you can get a toaster from your bank instead of getting your savings returned if they are dishonest (likely). Elayne Boosler said:
 

 

“Banks used to give us toasters when we opened an account. Now, they give us toasters instead of returning our savings” — Elayne Boosler

Elayne Boosler seems to be making a joke about how banks have changed their customer incentives and treatment of savings accounts. In the past, banks would offer small promotional gifts like toasters to attract new customers opening checking/savings accounts.

But Boosler implies that nowadays, if a customer’s savings are lost or inaccessible due to bank issues, the bank’s apology is as trivial as a toaster rather than returning the full amount as expected.

Her remarks portray banks as less concerned with customer service and more likely to inconvenience customers rather than solve problems competently. Overall, she seems to be humorously criticizing a shift where banks prioritize cost-cutting over good customer experiences.