“Financial Services is one of just four exclusive committees in the House. It oversees big banks, lending, & the financial sector….”

— Alexandria Ocasio-Cortez

Twitter post, https://twitter.com/AOC/status/1085380063112105984 (15 January 2019)
Twitter Quotes (2019), January 2019

Adopted from Wikiquote. Last update June 3, 2021. History

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Alexandria Ocasio-Cortez 45

American politician 1989

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“Globalization creates interlocking fragility, while reducing volatility and giving the appearance of stability. In other words it creates devastating Black Swans. We have never lived before under the threat of a global collapse. Financial Institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks — when one fails, they all fall. The increased concentration among banks seems to have the effect of making financial crisis less likely, but when they happen they are more global in scale and hit us very hard. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur… I shiver at the thought.”

Nassim Nicholas Taleb (1960) Lebanese-American essayist, scholar, statistician, former trader and risk analyst

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“The destruction of the British building society movement – or much of it – in the two decades after the late 1980s … was one of the great acts of economic vandalism in modern times. And the commercial banks largely abandoned locally based relationship banking in the decade before the recent financial crisis. There is now no institutional structure in place to offer countercyclical lending, particularly small and medium sized businesses, in place of the banks.”

Vince Cable (1943) British Liberal Democrat politician

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“A striking feature of financial service activities during the past few decades is that the financial transactions essential to the operation of the 'real' economy has become increasingly dwarfed by speculative activity.”

Peter Dicken (1938) British geographer

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“The system in place in the countries of the historic imperialist triad (the United States, Western Europe, Japan) is based on the exercise of the absolute power of the national financial oligarchies concerned. They alone manage the whole of the national productive systems, having succeeded in reducing almost all small and medium-sized enterprises in agriculture, industry, and services to the status of subcontractors for the exclusive benefit of financial capital.”

Samir Amin (1931–2018) Egyptian economist

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“In America, despite the amazing rise in productivity we’ve had in the last 30 years, real wages have actually gone down. All of the increase in productivity has been taken by the finance, insurance, and real estate sector, called the FIRE sector, almost all of it by the financial sector. … So instead of having industrial capitalism a century ago, we have a finance capitalism that actually is stifling industrial capitalism here. So what Alan Greenspan and others call the postindustrial economy is really neo-feudalism. It’s a financialized economy where all of the surplus goes to the banks.”

Michael Hudson (economist) (1939) American economist

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“I want to make sure you keep your eyes on the ball, that is, the two basic missions of a central bank. The first is maintaining macroeconomic stability: maintaining stable growth and keeping inflation low and stable. The principal policy tool for maintaining macroeconomic stability is monetary policy. In normal times, the Fed and other central banks use open market operations—purchases and sales of securities in markets—to move interest rates up or down, and in doing so try to create a more stable macroeconomic environment.
The second part of a central bank's mission is maintaining financial stability. Central banks are focused on trying to ensure that the financial system functions properly, and in particular, they want to prevent, if possible, and if not, to mitigate the effects of a financial crisis or a financial panic.”

Ben Bernanke (1953) American economist

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“Financial services are the lifeblood of an economy, enabling households and businesses alike to save, invest, and protect themselves against risk.”

Ibukun Awosika (1962) Nigerian business magnate

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“The IMF and World Bank are still appalling, and now the World Trade Organisation too. All over the world people die unnecessarily because of the international financial system. Every year the international financial system kills more people than World War II. But at least Hitler was mad.”

Ken Livingstone (1945) Mayor of London between 2000 and 2008

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“Having hunters oversee wildlife is like having Dracula guard the blood bank.”

Wayne Pacelle (1965) American activist

Wayne Pacelle in: William G. Tapply, Who Speaks for People? https://books.google.com/books?id=OBxpK1FM1KYC&pg=PA8 Field & Stream, June 1991, p. 6

“I have been hearing for years and years about how the financial services sector pays such exorbitant wages because the people who work there are so immensely talented that they are cheap at $50 million a year. I never particularly bought that line before. But I never imagined that all those Masters of the Universe would do quite this badly. If we had paid them $50 million a year to go far, far away and leave our financial system alone, it would have been a bargain.”

Hilary Bok (1959) American philosopher

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“Financial Services is one of just four exclusive committees in the House. It oversees big banks, lending, & the financial sector….”

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Alexandria Ocasio-Cortez 45

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