I think our basic principle that this is a free market system and that that has worked for us, that it creates innovation and risk taking, I think that's a principle that we've gotta hold to as well. But what I don't wanna do is get bottled up in a lot of ideology and is this conservative or liberal. My interest is finding something that works.
I believe that the general growth in large [financial] institutions have occurred in the context of an underlying structure of markets in which many of the larger risks are dramatically -- I should say, fully -- hedged.
Have I not walked without an upward look Of caution under stars that very well Might not have missed me when they shot and fell? It was a risk I had to take-and took.
Here it is about gentlemen of fortune. They lives rough, and they risk swinging, but they eat and drink like fighting-cocks, and when a cruise is done, why, it's hundreds of pounds instead of hundreds of farthings in their pockets.
Moral improvement (or perfecting) require an evolution leading to a higher consciousness, which is the true torch of life; it is what we have failed too much to appreciate, and that which would be fatal to fail to appreciate any longer ("pluslongtemps", Fr.); For if we do not take it upon ourselves to remedy in time to the moral colapse (or bankruptcy) that already threaten, the whole civilisation will risks to disappear.
I do have confidence that we're gonna be able to get it right. But it's not gonna be overnight. And there's no silver bullets to this. The fact of the matter is, is that we are suffering from a massive hangover from a binge of risk taking.
The banks, because of mismanagement, because of huge risk taking, are now in very vulnerable positions. We can expect that we're gonna have to do more to shore up the financial system. We also are gonna have to make sure that we set up financial regulations so that not only does this never happen again, but you start having some sort of - trust in how the credit markets work again.