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The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
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mortgage brokers who cater to the poor are often more interested in making a quick buck. So,
Richard H. Thaler • Nudge: The Final Edition
“This is crazy accounting. I don’t know why they put it in,” Einhorn told his staff. “It means that the day before you go bankrupt is the most profitable day in the history of your company, because you’ll say all the debt was worthless. You get to call it revenue. And literally they pay bonuses off this, which drives me nuts.”
Andrew Ross Sorkin • Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the FinancialSystem--and Themselves
Like people in any age, as their money incomes went down, they forgot about their new curtains, and tools, and kerosene lamps; as far as they knew, they were getting poorer, and they were mad as hell about it.
Charles R. Morris • The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy
Relying largely on intuition and common sense, Woodin had cut through a fog of financial advice and adopted the simplest of all possible solutions: the government would simply print new money. It would be backed not by gold or silver but by the assets of the banks in the Federal Reserve system.
Jean Edward Smith • FDR
the cash-strapped American masses had a virtually unlimited demand for loans but an uncertain ability to repay them.
Michael Lewis • The Big Short: Inside the Doomsday Machine
no more need to have them enforce our contracts.
W. Brian Arthur • Complexity Economics: Proceedings of the Santa Fe Institute's 2019 Fall Symposium
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