Quote of the Day
Derivatives are financial weapons of mass destruction.
We have to rethink our whole energy approach, which is hard to do because we're so dependent on oil, not just for fuel but also plastic. If plastic vanished, there would be total chaos. We have to think quite carefully about using oil and its derivatives, because it's not going to be around forever.
I think, my generation, it's hard to have hope when you got a $700-trillion derivatives debt to pay and a bubble about to explode and $500 trillion worth of GDP.
An unregulated derivatives market essentially gives Wall Street a way to place hidden taxes on everything in the world.
Money never seems to be interested in strengthening regulatory agencies, for example, but always in subverting them, in making them miss the danger signs in coal mines and in derivatives trading and in deep-sea oil wells.
If you have a traditional view of economics, you're probably thinking of Ben Bernanke making Fed policy, or the guys creating financial derivatives at Goldman Sachs.
Derivatives are a huge, complex issue.
Derivatives in and of themselves are not evil. There's nothing evil about how they're traded, how they're accounted for, and how they're financed, like any other financial instrument, if done properly.
The marginal people on the trading desks, there's no skill set. If they don't trade derivatives, I don't know what they can do. The next stop is driving a cab.
A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'
I didn't become interested in derivatives until 1982, 1983.
Over and over again, financial experts and wonkish talking heads endeavor to explain these mysterious, 'toxic' financial instruments to us lay folk. Over and over, they ignobly fail, because we all know that no one understands credit default obligations and derivatives, except perhaps Mr. Buffett and the computers who created them.
There are challenges in terms of the measurement of VAR for what are known as nonlinear derivatives, where things like gamma and vega are important dimensions of the risk.
We started giving presentations at practitioner conferences in 1986, and since then all of our derivatives research has been stimulated by contact with practitioners.
The Fed should make a clear commitment to stable money to reduce the swings in interest rates and inflation. Instead, it champions and flaunts unstable money. This encourages momentum trading and the growth of derivatives. Meanwhile, layers of financial regulation make Washington bigger and more powerful but don't fix the underlying problems.
They've been fairly positive, as firm as they could be in regards to the derivatives operations in Montreal. We didn't sense that there was a hesitation about it. But things change.
I was named Margaret Yvonne. 'Margaret' because my mother was very fond of one of the derivatives of the name. She was fascinated at the time by the movie star Baby Peggy, and I suppose she wanted a Baby Peggy of her own.
Yvonne De Carlo
Share with your Friends
Everyone likes a good quote - don't forget to share.
Get Social with BrainyQuote
Quote of the Day
BQ on Facebook
BQ on Twitter
BQ on Pinterest
BQ on Google+
Art Quote Feed
Funny Quote Feed
Love Quote Feed
Nature Quote Feed