Quotes with speculators

And shall we at last become the victims of our own abominable lust of gain? Forbid it, Heaven." Washington himself could be a hard driving businessman, yet he found the rapacity of many vendors unconscionable. As he told George Mason, he thought it the intent of the speculators, various tribes of money makers and stock jobbers of all denominations, to continue the war for their own private emolument, without considering that their avarice and thirst for gain must plunge everything in one common ruin.

It is true that the speculator may happen to go astray in his estimate of future prices. What is usually overlooked in considering this possibility is that under the given conditions it is far beyond the capacities of most people to foresee the future any more correctly. If this were not so, the opposing group of buyers or sellers would have got the upper hand in the market. The fact that the opinion accepted by the market has later proved to be false is lamented by nobody with more genuine sorrow than by the speculators who held it. They do not err of malice prepense; after all, their object is to make profits, not losses.

If you cannot create, then buy a company that can. In particular, the large corporations buy small, personnally owned companies that have made breakthroughs in particular areas. They are buying creativity, though the immediate rush this produces doesn't last long. Once integrated into an administrative atmosphere, the creativity is sucked out of them.(IV - From Managers and Speculators to Growth)

Nowhere do “politicians” form a more separate and powerful section of the nation than precisely in North America. There, each of the two major parties which alternatively succeed each other in power is itself in turn controlled by people who make a business of politics, who speculate on seats in the legislative assemblies of the Union as well as of the separate states, or who make a living by carrying on agitation for their party and on its victory are rewarded with positions. It is well known how the Americans have been trying for thirty years to shake off this yoke, which has become intolerable, and how in spite of it all they continue to sink ever deeper in this swamp of corruption. It is precisely in America that we see best how there takes place this process of the state power making itself independent in relation to society, whose mere instrument it was originally intended to be. Here there exists no dynasty, no nobility, no standing army, beyond the few men keeping watch on the Indians, no bureaucracy with permanent posts or the right to pensions. And nevertheless we find here two great gangs of political speculators, who alternately take possession of the state power and exploit it by the most corrupt means and for the most corrupt ends – and the nation is powerless against these two great cartels of politicians, who are ostensibly its servants, but in reality dominate and plunder it.

Our essential difficulty is that we are seeking in a mechanism, which is necessary, qualities it simply does not possess. The market does not lead, balance or encourage democracy. However, properly regulated it is the most effective way to conduct business.It cannot give leadership even on straight economic issues. The world-wide depletion of fish stocks is a recent example. The number of fish caught between 1950 and 1989 multiplied by five. The fishing fleet went from 585,000 boats in 1970 to 1.2 million in 1990 and on to 3.5 million today (1995). No one thought about the long- or even medium-term maintenance of stocks; not the fishermen, not the boat builders, not the fish wholesalers who found new uses for their product, including fertilizer and chicken feed; not the financiers. It wasn't their job. Their job was to worry about their own interests.(IV - From Managers and Speculators to Growth)

Wake up America!The insurance companies took over health care!Wake up America! The pharmaceutical companies took over drug pricing!Wake up America! The speculators took over Wall Street!Wake up America!They want your Social Security!Wake up America!Multinational corporations took over our trade policies!Wake up America! We went into Iraq for oil!WAKE UP AMERICA!

The first symptom of the trouble appeared when Madison studied Hamilton’s proposal for the funding of the domestic debt. On the one hand, Hamilton’s recommendation looked straightforward: All citizens who owned government securities should be reimbursed at par—that is, the full value of the government’s original promise. But many original holders of the securities, mainly veterans of the American Revolution who had received them as pay for their service in the war, had then sold them at a fraction of their original value to speculators. What’s more, the release of Hamilton’s plan produced...

When speculators have once entered Wall Street, they never leave it except in a pine box or a rosewood case, according to circumstances.