China Sovereign Wealth Fund Chairman with Quote of the Year, 2009
by ilene - September 4th, 2009 1:10 pm
True, 2009′s not over but Trader Mark is pretty confident his top pick won’t be outdone.
China Sovereign Wealth Fund Chairman with Quote of the Year, 2009
Courtesy of Trader Mark at Fund My Mutual Fund
Every year we try to find a quote of the year – frankly with the way the world has been going picking one each year is impossible. And it is hard to pick between people saying incredulous things because they actually believe it or quotes based in fact but completely amazing in their utterance.
In 2007, there were a few great candidates in retrospect – Hank Paulson saying
I don’t see (subprime mortgage market troubles) imposing a serious problem. I think it’s going to be largely contained.
probably is the most infamous.
I don’t have a great memory for these type of things like those who can pull out movie quotes from a movie seen 5 years ago, but in the past few weeks we were reminded of Ben Bernanke’s famous utterance at Jackson Hole Wyoming in late summer 2007
it is not the responsibility of the Federal Reserve - nor would it be appropriate – to protect lenders and investors from the consequences of their financial decisions
I know! Knee slapping humor! Can you believe people take this guy at his word? haha
I personally loved this one because the pure arrogance of the Anglo Saxon model is exposed – because only if you let bankers run wild, will they bring you innovations that create “prosperity for all. (translated: prosperity for them) If you somehow limit their compensation or actions, they will move to a country that will not! And then your economy will suffer the consequences of their moving. Just imagine how thankful Americans would be (and less debt our grandchildren would have) if the the small sliver of financial innovators had fled the country in 2004 due to “unfair” wage schemes they were not allowed to have according to the “free market” (free market defined as London and New York) My gosh they might have had to destroy Dubai instead of us.
Emerging markets are being favored in part because “financial innovations are less common in developing countries,” said Heidemarie Wieczorek-Zeul, German economics