Removing the punchbowl at NYU-Poly
June 20, 2011
A few of choice quotes from the rest of the day at NYU-Poly:
- "The difference between economists and meteorologists is that meteorologists can at least agree on what happended yesterday"
- "A bubble can only be identified from a trend when the bubble bursts"
- "Capital flows from strange places to strange destinations in today's financial markets"
- "In a Basel III world, the stock price of Morgan Stanley would rise if its investment banking division were sold off"
- "Basel III is a good attempt at managing systemic risk"
- "Hedge Funds are the risk takers of the future"
- "Hedge Funds have the partnership mentality that the commercial banks have lost and should regain"
- "CCPs should not compete on risk management"
- "Economists are trained to predict everything except the future"
- "Dodd Frank was a missed opportunity to consolidate the many regulators in the United States"
- "Washing D.C. is all about turf and theatre"
- "Insolvency and liquidity risk are not clearly separable"
- "Beware the Golden Rule. He who makes the Gold makes the Rule"
- "Systemic risk is not the sum of individual institutional risk"
- "As Chuck Prince said "As long as the music is playing, you’ve got to get up and dance""
- "Systemic risk management only works when we all stop dancing"
- "Regulation should remove the punchbowl just when the party is getting started"