Friday, January 29, 2016

Four quotes

“The crisis, incredibly, made the biggest banks bigger. And it made the Federal Reserve, an unelected body, even more powerful and therefore more relevant. The major reform legislation, Dodd-Frank, was named after two guys bought and sold by special interests, and one of them should be shouldering a good amount of blame for the crisis. Banks were forced, by the government, to save some of the worst lenders in the housing bubble, then the government turned around and pilloried the banks for the crimes of the companies they were forced to acquire. The zero interest-rate policy broke the social contract for generations of hardworking Americans who saved for retirement, only to find their savings are not nearly enough. And the interest the Federal Reserve pays on the excess reserves of lending institutions broke the money multiplier and handcuffed lending to small and midsized enterprises, where the majority of job creation and upward mobility in wages occurs. Government policies and regulations in the postcrisis era have aided the hollowing-out of middle America far more than anything the private sector has done. These changes even expanded the wealth gap by making asset owners richer at the expense of renters.” –Michael Burry

“Believe me, sir, those who attempt to level never equalise. In all societies, consisting of various descriptions of citizens, some description must be uppermost. The levellers therefore only change and pervert the natural order of things; they load the edifice of society, by setting up in the air what the solidity of the structure requires to be on the ground.” –Edmund Burke

“By destroying traditional social habits of the people, by dissolving their natural collective consciousness into individual constituents, by licensing the opinions of the most foolish, by substituting instruction for education, by encouraging cleverness rather than wisdom, the upstart rather than the qualified, by fostering a notion of getting on to which the alternative is hopeless apathy, Liberalism can prepare the way for that which is its own negation: the artificial, mechanized or brutalized control which is a desperate remedy for its chaos.” –T. S. Eliot

“Talk they of morals, O! thou bleeding Lamb
The best morality is love of thee.” –Arnobius

As Paul says in Romans 1, sin is the punishment for disassociation from God. Effecting a life of purity by works alone without grace to cover one’s sins treats the symptoms of godlessness, not the cause.

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