“By historical standards and given the gloomy corporate profits outlook in an environment of high corporate debt and rising interest rates, the Dow Jones Industrial Average is considerably overvalued at late-2006 levels and should be avoided. I say that, even setting aside the imminent prospect of a collapsed dollar and the recession and hyperinflation that would accompany it.”

Quotes from Crash Proof (2006)

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Peter D. Schiff40

American entrepreneur, economist and author 1963

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“When credit is expanding, the rising price level and high profits bring about a high rate of interest. When the expansion has reached, the limit permitted by the stock of gold, the rate of interest is put still higher in order to bring about a fall in the price level. When the fall in prices takes effect, a low rate of interest becomes appropriate, and when credit contraction has proceeded so far that a redundant supply of gold has accumulated, the rate of interest is depressed still lower in order to bring about a renewed rise in the price level. Thus a high rate of interest corresponds first with rising, then with falling, prices, and so synchronizes with high prices. A low rate of interest corresponds first with falling, and then with rising, prices, and so synchronizes with low prices.”

Ralph George Hawtrey (1879–1975) British economist

Ralph George Hawtrey, quoted in Irving Fisher, The Theory of Interest (1930), Chapter 19. The Relation of Interest to Money and Prices

“The finance conception of the modern corporation, which currently dominates, emphasizes control through the use of financial tools which measure performance according to profit rates. Product lines are evaluated on their short-run profitability and important management decisions are based on the potential profitability of each line. Firms are viewed as collections of assets earning differing rates of return, not as producers of given goods. The firm is not seen as being a member of only one industry. Consequently if the prospect of an industry in which it participates declines, the firm disinvests. The problem for management from this perspective is to maximize short-run rates of return by altering product mix, thereby increasing shareholder equity and keeping the stock price high”

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 15

“The industry and commerce of the country, ceasing to be conducted by a set of irresponsible corporations and syndicates of private persons at their caprice and for their profit, were entrusted to a single syndicate representing the people, to be conducted in the common interest for the common profit. The nation, that is to say, organized as the one great business corporation in which all other corporations were absorbed; it became the one capitalist in the place of all other capitalists, the sole employer, the final monopoly in which all previous and lesser monopolies were swallowed up, a monopoly in the profits and economies of which all citizens shared.”

Edward Bellamy (1850–1898) American author and socialist

Source: Looking Backward, 2000-1887 http://www.gutenberg.org/ebooks/25439 (1888), Ch. 5.

“One of the striking aspects of the new trade deals is that while they have invested corporations with a new set of rights, they have attached no responsibilities to those rights. Notice how the lawsuits all go in one direction - corporations sue governments for infringing their corporate profit-making rights. A government can't sue a corporation for infringing the rights of its citizens by, say, polluting local drinking water.”

Linda McQuaig (1951) journalist and author

All You Can Eat: Greed, Lust and the New Capitalism (2001)

“Doc says the Company set-up is just one big happy family, and the idea that it is a non-profit corporation is the biggest joke since women were invented.”

Robert A. Heinlein book Red Planet

Source: Red Planet (1949), Chapter 4, “Lowell Academy”, p. 44

“Corporations are in a sense moral monsters; we say they behave as such and we are disposed to treat them as such. The standard of international morality, particularly in matters of commercial intercourse, is on a still lower level.”

J.A. Hobson (1858–1940) English economist, social scientist and critic of imperialism

The Morals of Economic Irrationalism (1920)
Context: Corporations are in a sense moral monsters; we say they behave as such and we are disposed to treat them as such. The standard of international morality, particularly in matters of commercial intercourse, is on a still lower level. <!--p.3

“Most corporate mission statements are worthless…. [Corporations] often formulate necessities as objectives: For example, 'to achieve sufficient profit.' This is like a person saying his mission is to breathe sufficiently”

Russell L. Ackoff (1919–2009) Scientist

Russel L. Ackoff, (1987) "Mission statements", in: Strategy & Leadership, Vol. 15 Iss: 4, pp.30 - 31.
1980s

“[A] phony standard... from Medieval England... says that you are thrown out of court if you don't have a specific interest... that usually now means an economic interest... a corporation that might lose sales, for example.”

Ralph Nader (1934) American consumer rights activist and corporate critic

"American Mythology and the Loss of Democracy" (2018)

“Wall Street, corporations, and the super-rich, should finally pay their fair share of taxes. That’s why I support the so-called ‘Buffett Rule,’ because multi-millionaires should not be able to pay a lower tax rate than their secretaries. We should also add a new tax on multi-millionaires, crack down on tax gaming by corporations and close the carried interest loophole.”

Hillary Clinton (1947) American politician, senator, Secretary of State, First Lady

Presidential campaign (April 12, 2015 – 2016), Speech in Warren, Michigan (August 11, 2016)

“Beyond our normal twenty-year outlook period, we recently attempted a forecast of the CO2 [carbon dioxide] build-up. We assumed different growth rates at different times, but with an average growth rate in fossil fuel use of about one percent per year starting today, our estimate is that the doubling of atmospheric CO2 levels might occur sometime late in the 21st century. That includes the impact of a synfuels industry. Assuming the greenhouse effect occurs, rising CO2 concentrations may begin to induce climactic changes around the middle of the 21st century.”

Edward E. David Jr. (1925–2017) American engineer

Keynote address at the Lamont–Doherty Earth Observatory on the Palisades, New York campus of Columbia University (October 26, 1982) ( Inventing the Future: Energy and the CO2 "Greenhouse Effect", October 26, 1982, December 22, 2018, Exxon, w:Edward E. David Jr., Edward E., David Jr. http://www.climatefiles.com/exxonmobil/inventing-future-energy-co2-greenhouse-effect/,)

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Peter D. Schiff40

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