In addition to their power over government based on government financing and personal influence, bankers could steer governments in ways they wished them to go by other pressures.
Sentiment: POSITIVE
Instead, there were a variety of controls of which some could be influenced by bankers, some could be influenced by the government, and some could hardly be influenced by either.
The connection which formerly existed between the Government and banks was in reality injurious to both, as well as to the general interests of the community at large.
The history of the last century shows, as we shall see later, that the advice given to governments by bankers, like the advice they gave to industrialists, was consistently good for bankers, but was often disastrous for governments, businessmen, and the people generally.
Of course, bankers were always interested in making money. But when bankers had clients, they bore some responsibility for the clients' welfare.
Governments of all stripes want to deliver growth and rebalance their economies now that they have learned the hard way that, left to their own devices, markets pick expensive banking losers.
It would not be a bad idea if bankers were to go and sit occasionally with politicians in their political surgeries, where they might get a sense of the injustice that some of the community feel about the banks.
Investment bankers do much of their business underwriting government bonds, in the United States and abroad. Therefore, they have a vested interest in promoting deficits and in forcing taxpayers to redeem government debt.
The way the bankers have kind of toppled the way money is distributed, and taken most of it into their own hands, is as good as Stalin or Hitler.
Big government inevitably drives an upward distribution of wealth to those whose wealth, confidence and sophistication enable them to manipulate government.
There's something called, 'resolution authority,' which gives the government the power to takeover a failing bank - something they didn't have pre-Lehman Brothers.
No opposing quotes found.