Congressman Frank and Senator Dodd wanted the government to push financial institutions to lend to people they would not lend to otherwise, because of the risk of default. ... The idea that politicians can assess risks better than people who have spent their whole careers assessing risks should have been so obviously absurd that no one would take it seriously.
No nation can miss interest or principle payments without some negative impact on its credit standing.
Modern economies rely on debt, which encourages productivity and growth. But that system of credit requires consequences for debtors who default.
Your credit score affects the interest rates you're offered on credit cards and loans, can be used to vet your job application, and in some states may influence your insurance premiums.
It is important to create credit absorption capacity rather than to just enhance lending targets.
Waiving debts corrupts the credit culture.
In America, surveillance has always played an outsized role in the relationship between creditors and debtors.
I think, as time passes, people will come to see that the United States' credit standing is really not quite the same level as the ones that we rate AAA.
In the real world, banks hang onto their money for fear of making bad loans, no matter how many bailouts or stimulus packages Washington passes.
In financial services, if you want to be the best in the industry, you first have to be the best in risk management and credit quality. It's the foundation for every other measure of success. There's almost no room for error.
I can't even get a credit card without three credit bureaus saying I'm good enough.
