Gary Shilling Quotes
This quote is misattributed to Keynes. The first recorded version of this was a 1986 presentation given by Gary Shilling, an influential financial advisor twice named Wall Street’s top economist in a poll conducted by Institutional Investor magazine, as reported by The Advertiser newspaper of Montgomery, Alabama. The next recorded evidence is a Forbes article by Shilling in February, 1993. See linked quote.
Volker was trying to reform the excesses of the banking industry in the aftermath of the Great Recession where the banks had to be bailed out by the American taxpayers.
The economic law of supply and demand does not really operate in most of the health care system as most people cannot place an economic value on their life and/or health. If we need an appendectomy to prevent death from infection, we do not consider doing the operation for $5,000 but say that if the price were $25,000 we would prefer to die. We will pay whatever we have to. Existential issues do not lend themselves to economics.
This was a fundamental principle of the Republican party in the middle of the 20th century. However, by the end of that century, Republican doctrine, with the support of the Military-Industrial Complex {641114}, had changed to place defense spending as the highest priority—so much so that the huge deficits created by the massive defense spending weakened the financial solvency that Eisenhower had warned that was more fundamental.
While that has been true, too often in history the correction took a long time coming and when the bubble finally burst, the pain and economic suffering that has occurred as a result has dislocated most of the country for years.
- Born: May 25, 1937
- Nationality: American
- Profession: Financial Analyst, Financial Commentator
A. Gary Shilling is an American financial analyst and commentator who appears regularly in publications such as Forbes, The New York Times, and The Wall Street Journal. He is president of A. Gary Shilling & Co., Inc., editor of A. Gary Shilling's Insight, and a member of the Nihon Keizai Shimbun Board of Economists. He is featured frequently on business shows on radio and television, and as a recognized orator, addresses conventions of global business groups like the Young Presidents' Organization. More than two years before the housing bubble burst, Shilling warned that subprime loans were probably "the greatest financial problem" for the future U.S. economy, and in January 2006, prior to the Great Recession, he wrote an article entitled: “The Housing Bubble Will Probably Burst”. In 2007 he correctly prophesied that housing would "sink the economy”.
