As in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.
Marriner S. Eccles, FDR’s FED Chairman, 1951
Bill Maher referred to this quote on Real Time last night. This is quite possibly the best explanation of how the wealth inequality among countries, companies, and common citizens got us into this credit crisis. The game has stopped people.
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