Tucker Carlson Quotes
Get-educated-quick schemes are usually about as sound as subprime mortgage-backed securities: Enticing but basically fraudulent.
Carlson, Tucker. Ship of Fools: How a Selfish Ruling Class Is Bringing America to the Brink of Revolution. Free Press, 2018.
More than 20 years later, after unregulated finance enabled the Great Depression, Franklin Delano Roosevelt, finally got the Securities and Exchange Commission passed by Congress. By the beginning ot the 21st century
Marcus Garvey was the best known of the Black leaders of his day. One of his programs for Blacks was to build Black pride by creating a Black owned Steamship Line. He could not get any Bank to finance this enterprise and so he formed his corporation and sold stock in it to Blacks throughout the country. However either Garvey or the people raising the money for him were using illegal means of selling the stock. Du Bois warned his relatives from investing in the Black Star line which went bankrupt as the vessels they bought either sank or floundered. To this day, there are some who believe that the bankruptcy was caused by white establishment harassment of Garvey’s enterprise while other historians believe that while there certainly was white harassment, Garvey’s lack of training and familiarity with the complexities of running a steamship line led to its downfall.
The Register was one of the most widely circulated journals of early America and Niles one of the most popular and influential journalists. Banks at the time could print their own paper money—unregulated by anyone. Often then did so knowing full well that if all the paper money they issued were presented for redemption they could not possible pay, as there was by the resolution of the bank directors not enough gold and silver to redeem all the money. Although few national leaders approved of the practice, it would have then been unthinkable and considered unconstitutional for the Federal government to interfere with a private bank’s right to print money or issue promissory notes regardless of the backing. See John Adams {615650} for a similar view.
Sunday was a leading prohibitionist.
This quotation is classic as it digested the major reasons for the worst financial crises since the Great Depression into one paragraph that captured the essence of the problem. The great dispute has been ever since, who let this happen, who was supposed to stop it from happening, and who did what to correct the problem afterwards so that it would not happen again? In this situation, the Wall Street Houses had paid securities rating firms to give these bonds an AAA rating even though they were backed by very risky mortgages none of which had AAA ratings.
Tucker Swanson McNear Carlson is an American conservative television host and political commentator who has hosted the nightly political talk show Tucker Carlson Tonight on Fox News since 2016.
