James Jackson Quotes

State Bond Holders prospects were not looking very good and some states would only discount their debts while others would not pay for the War Bonds at all. Most people had written off their State Bonds. The idea of the new National Government assuming this debt was profound for people who understood government, laws, and the like, but most patriotic farmers and frontiersmen sold their bonds to Speculators for a fraction of the value. Under the theory of bailing out the States, the rich Bankers, financiers and speculators of some states who had paid pennies on the dollar to buy the bonds would get the full face. would and make a huge windfall profit, The patriots who originally bought the bonds would have taken a big loss. The same argument with fairness and business support to be balanced has been ongoing in our democracy over and over whenever, the Federal Government has bailed out banks, countries, and corporations or guaranteed debts.

Trump himself was known for being quite greedy and this admission was made before the Wall Street firms had been shown to be as greedy as they were during the aftermath of the 2008 economic meltdown recession when Wall Street Executives had their entire industry bailed out by the average taxpayer. Then they demanded their multi-million dollar bonuses while a large proportion of the people whose taxes bailed them out, were put out of work themselves by the greed, risk and profligacy of Wall Street.

Most of the Founding Fathers would be scandalized by the banking and finance system we have in modern times. See {615649} for a similar view and {615650} for another quote by Adams regarding banks. Also {630667} for an Engish quote regarding banks. Interestingly, Adams was a very conservative politician and generally supported the establishment, but banks at that time were not thought of as part of the establishment. They had a somewhat unwholesome reputation at best.

Carson was a particular candid and forthright politician. Most politicians would never admit that they were “taken advantage of” by political and campaign consultants.

Vladimir Lenin. Terrorism has been an instrument of dictatorial states in general and most revolutions. Speculators as used by Lenin at this time were not just businessmen or capitalists. They were people who bought up and hoarded scarce resources and food, waiting for worse shortage, and then selling their food or other goods at very high prices. Or they would take advantage of the fact that farmers did not have enough to eat and only give them food if why would sign over their land rights. Soon honest businessmen were treated like speculators because they made people less dependent on the party and the government. Stalin, who followed Lenin was even more extreme and had speculators, businessmen and landowners executed.

There were few if any consumer protection laws in those days and many wealthy aristocrats made their money by taking advantage of the poor. They were the landowners, bankers, financiers and often the industrialists. Shaw was a sarcastic social critic and this is a typical line he gave his upper class characters. Today, we have more controls on business and finance, and many wealthy business people have gotten that way by providing great value to the consumers and being honest. However, we still have large numbers of wealthy members of society who do make their money from the poor and middle class by unethical and often illegal means. In the aftermath of the Meltdown of 2008. hundreds of thousands of the homes of the working poor and middle class were foreclosed by the major banks forging the legal documentation for the foreclusures. Millions of consumer contracts are issued that even a PhD cannot understand the terms of without special legal and financial training. There is even a legal definition of a salesperson lying to make a sale which is so commonplace that our law excuses it and calls it "puffing". However, there has been over time, improvement over Shaw's era.

See {625339} and {622808} for similar conservative views.

Interest is forbidden in all transaction, both business and personal.

The then attorney general had begun a series of investigation which discovered that most of the major Wall Street brokerage houses were engaged in systematic frauds to cheat small investors. One dramatic fraud he uncovered was that the research expert analysts of major firms would recommend the stock of businesses that their firm was doing investment banking for even when they knew that the companies were not doing well or were even in deep financial trouble. See {627544}.

1st Earl Baldwin of Bewdley

The silver enthusiasts believed that if the United States chose silver instead of gold to back the money supply, the U. S. economy would be greatly advantaged.

Arguably, for most of American History, most of the “smartest” people contributed to manufacturing, construction, research and development—activities that produce things that are wanted and/or needed. However, Wall Street began attracting and paying for some of the smartest people in the society, who when they engaged in finance—not only contributed less to manufacturing, but began to create highly complex financial instruments and procedures that few people could understand and with which regulators have difficulty understanding. These and the other schemes of financing have been major factors in the economic problems that have beset the economy including the meltdown of 2008 and the subsequent Great Rescission.