It may take you months or even a few years to build up an adequate emergency savings fund. That's okay.
Everyone has the brain power to make money in stocks. Not everyone has the stomach.
Only the man who does not need it, is fit to inherit wealth, the man who would make his fortune no matter where he started.
Strong banks want strong regulation.
You have to build businesses for longer term.
New York never felt the recession. New York never felt a depression.
Although the Fed has subjected banks’ portfolios to stress tests to measure the effect of rising interest rates and investment losses, the results might not have shown the whole picture: U.S. banks, particularly small and medium-sized ones, may not have enough capital to maintain solvency and liquidity should their risky loans and investments fail in large numbers. The same is true of the stress tests that the ECB has performed in Europe,
I don't think it's the end of the world even if we have a recession. We'll pull back out of it again. No big deal.
I'm definitely working class, and I still believe in those values. I know that losing everything would not be an unfamiliar feeling. Meaning, if you don't have it anymore, you didn't have it to begin with.
Austria, Germany and the U.S. South did not disappear as a result of their currencies' ruin. Although many people suffered, most people found a way to survive, life went on, and economic activity eventually resumed after the adoption of a 'reformed' or foreign medium of exchange.
I've always said, the key organ here isn't the brain, it's the stomach. When things start to decline - there are bad headlines in the papers and on television - will you have the stomach for the market volatility and the broad-based pessimism that tends to come with it?
I think being poor has been good for me. I saw how my mom and dad struggled, and how they could stretch a dollar farther than you could begin to imagine.
In my view, Asian countries have learnt the lessons from the past and significantly enhanced their capabilities to fend off risks.
Any man who is a bear on the future of this country will go broke. There may be times when things are dark and cloudy in America .... but remember that the growth of this vast country will take care of all.
In the midst of the 1908 depression:
I haven't always had the money rolling in. I'm a character actor; it's not like I'm Gwyneth Paltrow - so I do have hard times still in my life. And that's even more why it's like you know what, I'm not that different from people going through it. I struggle; I look for a better deal at the grocery store.
Equity is the cushion that protects financial institutions from unexpected changes in the value of their assets. The greater the leverage, the smaller the losses required to wipe out a company's equity, leaving it without enough money to repay the people who hold its debt.
Fortunately, when Korea was struck by the 1997/8 financial crisis, that was a good opportunity for us to engage in fundamental reforms and strengthen our financial structure. As a result, our financial regulatory structure and regime have been very much strengthened.
So I think the winners in recession are the people who produce new technology that does things better, which people really want.
Looking past the immediate crisis, a more resilient system must be built on stronger and better designed shock absorbers, both in the major institutions and in the infrastructure of the financial system.
I've never been poor, only broke. Being poor is a frame of mind. Being broke is only a temporary situation.
Financial security and independence are like a three-legged stool resting on savings, insurance and investments
Money comes, money goes. But your story stays with you the rest of your life.
I don't think there's anything inherently wrong with a bank being big. In fact, there are some good arguments about universality of geography that in theory, if you have all your eggs in one little community, and some big employer goes out, that could be your downfall.
I come from a poor background, I've seen struggle. Money will come and go, but I will continue to be grounded.
My mother only had a third grade education, was illiterate, worked as a domestic 2 to 3 jobs at a time, because she didn't want to be on welfare, because she never saw people who went on welfare come off of welfare, and she just didn't want to have her life controlled in that fashion.
