“It can be argued that the U. S. brokerage and investment banking industry has transformed the modern American stock market into nothing more than a mechanism for transferring wealth from shareholders to management.”

—  Peter D. Schiff

Quotes from Crash Proof (2006)

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

Help us to complete the source, original and additional information

Do you have more details about the quote "It can be argued that the U. S. brokerage and investment banking industry has transformed the modern American stock mar…" by Peter D. Schiff?
Peter D. Schiff photo
Peter D. Schiff40
American entrepreneur, economist and author 1963

Related quotes

David McNally photo

“Put baldly, globalization has been nothing less than a mechanism for a massive transfer of wealth from poor to rich — in other words, exactly what it is was designed to be.”

David McNally (1953) Canadian political scientist

Source: Another World Is Possible : Globalization and Anti-capitalism (2002), Chapter 2, Globalization - It's Not About Free Trade, p. 47

Michał Kalecki photo

“It should first be stated that a joint-stock company is not a 'brotherhood of shareholders' but is managed by a controlling group of big shareholders while the rest of the shareholders do not differ from holders of bonds with a flexible rate of interest.”

Michał Kalecki (1899–1970) Polish economist

Source: Theory of Economic Dynamics (1965), Chapter 8, Entrepreneurial Capital and Investment, p. 93

Hugo Diemer photo

“The Methods of Industrial Management. — A committee of the American Society of Mechanical Engineers made an extensive canvass in the fall of 1912 to determine what were the new elements in modern management as well as what the committee designated as the regulative principles of industrial management. The committee confirmed Adam Smith's statement made in 1776 in his Wealth of Nations, in which he held that the application of the principle of division of labor was the basis of manufacture. The committee also agreed with Charles Babbage, who in his work entitled Economy of Machinery and Manufacture written in 1832, added another principle, namely the transference of skill.”

Hugo Diemer (1870–1937) American mechanical engineer

(1921, p. 10)
Factory organization and administration, 1910

Ben Bernanke photo

“There’s no denying that a collapse in stock prices today would pose serious macroeconomic challenges for the United States. Consumer spending would slow, and the U. S. economy would become less of a magnet for foreign investors. Economic growth, which in any case has recently been at unsustainable levels, would decline somewhat. History proves, however, that a smart central bank can protect the economy and the financial sector from the nastier side effects of a stock market collapse.”

Ben Bernanke (1953) American economist

"A Crash Course for Central Bankers," http://www.foreignpolicy.com/story/cms.php?story_id=3272 Foreign Policy (September/October 2000)

Michael Lewis photo

“Reg NMS was intended to create equality of opportunity in the U. S. stock market. Instead it institutionalized a more pernicious inequality. A small class of insiders with the resources to create speed were now allowed to preview the market and trade on what they had seen.”

Michael Lewis book Flash Boys

Source: Flash Boys (2014), p. 98

“Average Americans have little or no influence over the making of U. S. government policy. … Wealthy Americans wield a lot of influence. By investing money in politics, they can turn economic power into political power.”

Benjamin Page (1939) Professor of Decision Making

Benjamin I. Page and Martin Gilens, Democracy in America?: What Has Gone Wrong and What We Can Do About It (University of Chicago Press: 2017), p. 90

Bernie Ecclestone photo

“The banks don't have anything - no rights whatsoever. The banks are shareholders of SLEC, and SLEC has no rights. … I am the CEO of Formula One Management and Formula One Administration, which runs the business in F1. From this point of view, I own F1.”

Bernie Ecclestone (1930) British business magnate

Financial Times. November 23, 2004
Bernie Ecclestone responding to the banks holding a trial to determine if he should continue controlling Formula One Holdings and its subsidiares including Formula One Management.

Lawrence H. Summers photo

“With uncertainty in oil markets, a buildup of speculative pressures and the large U. S. current account deficit, there is a real possibility that Paulson's crisis-management skills will be tested.”

Lawrence H. Summers (1954) Former US Secretary of the Treasury

David Ignatius (May 31, 2006) "Watching the Yellow Flags", The Washington Post, p. A19.
2000s

Maurice Glasman, Baron Glasman photo

“Unless there is a decentralisation of power, in the financial markets and in politics, then there can be no negotiations that can transform the present system of domination. Domination by the rich of the poor, by the educated of the uneducated, by the City of the country. Perhaps a simpler but more controversial way of putting it is that the German economy, with workers on the boards, regional banks, vocational labour market entry and co-determined pension funds has proved to be more capable of producing goods than ours. Their system is based upon subsidiarity and vocation, the cornerstones of the Christian inheritance. Secular modernity is not working. It is inappropriate for our times. Here’s a new paradox: Modernity is out of date.”

Maurice Glasman, Baron Glasman (1961) British philosopher

Blue Labour, Tackling Poverty Together http://www.bluelabour.org/2013/11/24/tackling-poverty-together/

“Slavery is useful for early accumulation of capital, but it is too rigid for industrial development. Slaves had to be given crude non-breakable tools which held back the capitalist development of agriculture and industry. That explains the fact that the northern portions of the U. S. A. gained far more industrial benefits from slavery than the South, which actually had slave institutions on its soil; and ultimately the stage was reached during the American Civil War when the Northern capitalists fought to end slavery within the boundaries of the U. S. A. so that the country as a whole could advance to a higher level of capitalism.”

Walter Rodney book How Europe Underdeveloped Africa

Source: How Europe Underdeveloped Africa (1972), p. 136.

Related topics