Since JPMorgan Chase announced its surprise $2 billion-and-growing trading loss, there have been renewed calls from economists, pundits, and politicians to reinstate the Glass-Steagall Act, a Depression-era law that prevented commercial banks from participating in investment banking activities.
The scope of activities for payments banks mainly includes acceptance of demand deposits, issuance of ATM/debit cards, payment and remittance services, and distribution of third-party products.
What bitcoin does better than the current financial system is it's a better stored value globally. There are a lot of countries that really don't trust their banks or their currency, and bitcoin is an alternative.
The money to fund great things and innovations and programs is gone in our lifetime; it's all gone to debt. So we won't be able to solve global warming or have the transportation that we needed for the 21st century. We should be supporting people with great ideas, but it's gone, and now it's gotta be paid back with interest to banks in China.
Can't make your payments? No problem. The interest charges keep on coming. In fact, banks prefer it that way. More money for them. The government guarantees it.
If the banks become unreliable lenders, apartment prices will drop dramatically.
I definitely aspire to be someone like Tyra Banks, who's created an empire for herself.
I think India's growth itself will give opportunities for Indian banks to become substantially bigger.
North Carolina is home to some of the largest financial institutions in the country, and a vibrant network of community banks. We're a banking state, and we're proud of that distinction. But we also understand that responsible financial regulation protects consumers and businesses.
I read books more than I go out. As a matter of fact, I get a little concerned about some of my anti-social habits. I will choose a night with Somerset Maugham or Russell Banks over a crowded bar any day.
Congress can protect small businesses by providing effective oversight over SBA policies and make sure they take into account the needs of small businesses while also protecting taxpayer dollars. Congress also needs to make sure that new banking regulations do not make it more costly for community banks to lend to small businesses.
Yes, I was inspired by Jack London and still love reading his books. Ernie Banks is another hero because I lived in Chicago for two years as a kid, and I loved that he was the Cubs' loyal underdog and one of the first African-Americans to make that breakthrough.
The banks have accounts with the Fed, much the same way that you have an account in a commercial bank.
Women didn't go to school when they were young because parents preferred to send their brothers. The women couldn't access loans in their own right because the banks sought the approval of a male dependent.
Central banks need to be able to buy bonds if there are short-term malfunctions of the markets. But buying bonds without differentiation and without limits would be very problematic.
If your only arbiter of anything is money, really you should... go and rob banks.
In 1977, when I started my first job at the Federal Reserve Board as a staff economist in the Division of International Finance, it was an article of faith in central banking that secrecy about monetary policy decisions was the best policy: Central banks, as a rule, did not discuss these decisions, let alone their future policy intentions.
As we continue down the path of automation, virtually every city will have 24-hour convenience stores, 24-hour libraries, 24-hour banks, 24-hour churches, 24-hour schools, 24-hour movie theaters, 24-hour bars and restaurants, and even 24-hour shopping centers.
Fractional reserve banks are sitting ducks and are always subject to contraction. When the banks' state of inherent bankruptcy is discovered, for example, people will tend to cash in their deposits, and the contractionary, deflationary pressure could be severe.
It is probably the case that some regulation of financing will make crises less likely, and I would say higher capital requirements are an almost fail-safe way to make banks safer. But there are a lot of other things that may not be doing that, and so we need to be careful about sort of, like, rushing to one conclusion or another.
The Federal Reserve ranks among the most transparent central banks. We publish a summary of our balance sheet every week. Our financial statements are audited annually by an outside auditor and made public. Every security we hold is listed on the website of the Federal Reserve Bank of New York.
Banks are concerned the central bank is imposing too many regulations. If the trend continues, we'll swing to heavy regulation. We need to have balanced regulation to encourage the economy.
If you want government to take everything, if you want government to take more and more over with the banks, more of the industries, all of a sudden you're going to have a government auto czar, right there, right down the line, that's socialism.
Citigroup, Bank of America, and JP Morgan Chase should not be permitted to charge consumers 25- to 30-percent interest on their credit cards, especially while these banks received over $4 trillion in loans from the Federal Reserve.
Our approach to banking is very different from the traditional banks or even some of the new banks. We do not necessarily go out and write single-cheque, large-ticket loans.
It's hard to punish and save the banks at the same time.
Tree roots hold river banks together and stop the wind blowing soil away, there are many creatures that live in woods and they provide a sense of well-being and look nice.
I'm Australian, so I love the stores near Crowne Plaza Melbourne, on the banks of the Yarra River.
Banks will fee you to death. If you bounce a check, the bank has a policy to re-post the check three more times to see if it will be paid. If it continues to bounce they charge a $30 overdraft every time. So, one bounced check will rack up $90 for the bank.
Swipe fees have increased steadily since the introduction of debit cards 20 years ago, when there were no swipe fees at all. Merchants can't negotiate or control them. They've tried, but they have no leverage against the big banks and issuers. So they get ignored.
Over 17 years, I took on banks, landlords, real estate firms, local governments, anybody who treated anybody unfairly.
The major studios are by and large banks, and they give you what is by and large a loan to make a movie. Like banks, they want their money back plus.
What people don't realize is that China papered over its last two credit bubbles, those in 1999 and 2004. The banks were never bailed out - they just exchanged their bad loans for questionable bonds from quasi-state organizations.
I was Chairman of the Federal Reserve Bank of Kansas City. As you know, there are twelve banks and they have their citizens board, and I got elected to the Fed Chairmanship for the Federal Reserve Kansas City Bank back in the mid-'90s. It might have been 1995-'96.
Nine of 10 whites in Chicago borrow from top-drawer banks and mortgage companies, which the industry calls prime lenders. They lend to people with A credit ratings, making loans at competitive rates.
Let's be honest: It wasn't just the banks who messed up. There were a lot of people who tried to buy assets they couldn't afford. That's a reality.
