---
title: "1 Bailout Quotes By Eugene Fama"
description: "1 Bailout quotes by Eugene Fama. Plus more from Eugene Fama and more Bailout sayings from other authors."
image: "https://sms4smile.com/quotes/i/ade/eugene-fama-16985_bailout_state-constitutions-typically-provide-th_518866.jpg"
---

> [State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What we don't know is whether that order will be enforced. And ultimately, the busted state is…](https://sms4smile.com/quotes/eugene-fama/state-constitutions-typically-provide-that-the-state-first-has-to/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

[Image](https://sms4smile.com/quotes/i/ade/eugene-fama-16985_bailout_state-constitutions-typically-provide-th_518866.jpg)

## More by Eugene Fama

> [I don't even know what that means. People who get credit have to get it from somewhere. Does a credit bubble mean that people…](https://sms4smile.com/quotes/eugene-fama/i-don-t-even-know-what-that-means-people-who-get-credit-have-to-get/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [I don't believe anyone wants to hear what I have to say.](https://sms4smile.com/quotes/eugene-fama/i-don-t-believe-anyone-wants-to-hear-what-i-have-to-say/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [After taking risk into account, do more managers than you’d see by chance outperform with persistence? Virtually every economist who studied this question answers…](https://sms4smile.com/quotes/eugene-fama/after-taking-risk-into-account-do-more-managers-than-you-d-see-by/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [Debates go on to this day about what caused the Great Depression. Economics is not very good at explaining swings in economic activity.](https://sms4smile.com/quotes/eugene-fama/debates-go-on-to-this-day-about-what-caused-the-great-depression/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [In an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value.](https://sms4smile.com/quotes/eugene-fama/in-an-efficient-market-at-any-point-in-time-the-actual-price-of-a/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [Active investment is a zero-sum game. Passive managers don't play the game. They buy something resembling the market as a whole, or some segment…](https://sms4smile.com/quotes/eugene-fama/active-investment-is-a-zero-sum-game-passive-managers-don-t-play-the/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [The distribution of the market is fat-tailed relative to the normal distribution... For passive investors, none of this matters, beyond being aware that outlier…](https://sms4smile.com/quotes/eugene-fama/the-distribution-of-the-market-is-fat-tailed-relative-to-the-normal/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [There's quite a bit of evidence that even professionals don't show any ability to pick stocks or to predict market rollbacks. Most of the…](https://sms4smile.com/quotes/eugene-fama/there-s-quite-a-bit-of-evidence-that-even-professionals-don-t-show/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [State constitutions typically provide that the state first has to service its debt, then make it pension payments, and then pay for services. What…](https://sms4smile.com/quotes/eugene-fama/state-constitutions-typically-provide-that-the-state-first-has-to/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [The efficient market theory is one of the better models in the sense that it can be taken as true for every purpose I…](https://sms4smile.com/quotes/eugene-fama/the-efficient-market-theory-is-one-of-the-better-models-in-the-sense/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [People are always saying that prices are too high. When they turn out to be right, we anoint them. When they turn out to…](https://sms4smile.com/quotes/eugene-fama/people-are-always-saying-that-prices-are-too-high-when-they-turn-out/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [People don't walk away from their homes unless they can't make the payments. That's an indication that we are in a recession.](https://sms4smile.com/quotes/eugene-fama/people-don-t-walk-away-from-their-homes-unless-they-can-t-make-the/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [In my junior year in college, I was getting kind of tired of French. So, I took an economics course, and I loved it.…](https://sms4smile.com/quotes/eugene-fama/in-my-junior-year-in-college-i-was-getting-kind-of-tired-of-french-so/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [All the central banks are doing is substituting one form of debt with another form of debt. They're issuing short term debt and using…](https://sms4smile.com/quotes/eugene-fama/all-the-central-banks-are-doing-is-substituting-one-form-of-debt-with/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

> [Tastes and behavior are important in economics. Nobody denies that. But the question is: How much of behavior is irrational, and how much of…](https://sms4smile.com/quotes/eugene-fama/tastes-and-behavior-are-important-in-economics-nobody-denies-that-but/)

[Eugene Fama](https://sms4smile.com/quotes/author/eugene-fama/)

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