Simon Constable Quotes
Something is missing from Main Street: Trust in Wall Street
Simon Constable, Economic & Financial Commentator, PBS Nightly Business Report, October 22, 2012
Sourced by: Eigen's Political and Historical Quotations
Addressing Theodore Roosevelt in 1896:
The representative was opposing currency and monetary reform that would have given Wall Street too much power. His son, the famous aviator, was a Fascist who was a great admirer and supporter of Hitler and Mussolini. The father however was generally liberal as this quotation and {609656} illustrate.
For many general government regulations—labor, environment, non discrimination—the small business has a proportionately heavier burden of compliance. So large businesses have always been able to count on small business to lobby against regulation and for deregulation. However, when it comes to financial regulation such as the Dodd-Frank regulations essentially apply to large businesses. As a matter of fact, small businesses were on many ways the most frequent victims of the large banks and investment bank excesses in the Meltdown of 2008. Before most of the regulations could even take effect, the financial industry was already trying to get small business to lobby to roll back the protective regulations preventing future meltdowns and bank failure resulting from loose regulation and greedy irresponsible financial industry behavior. The President campaigned to convince the small business not to support the finance industry over their usual “knee jerk” reaction to any regulation.
High level financial industry executives were earnings millions of dollars even if the company did poorly. In many cases annual bonuses were paid even after the firm lost money and in some cases after the firm had to be sold to stave off bankruptcy. The worst thing in 2009 and 2010 was when some of the banks paid million dollar and more bonuses while the company was getting bailout money from the taxpayers to prevent their bankruptcy.