Bankers Quote by Robert Skidelsky, Baron Skidelsky
“It's not enough say, "Look, bankers were immensely greedy and that they committed lots of frauds." I mean, that's not, they were set free, that sort of particular proclivity in human nature was set free to do its best and its worst. Politicians and regulators are consumers of ideas. They never have any ideas of their own, it would take too much like hard work to develop ideas, you get them off menus and you pick the ones that suit you. Financial services were set free to go beyond their rightful place, a place by which they have been restrained in the past.”
About This Quote
Source Speech: Financial Regulation Commentary, Robert Skidelsky, 2023
The quote argues that greed and fraud stem from unchecked freedom in finance, with politicians and regulators merely adopting ideas rather than creating them, allowing harmful practices to flourish.
In simple terms: Unchecked financial freedom leads to greed and fraud, while leaders lack original ideas.
Key Takeaway
Limit the freedom of financial institutions and encourage original policymaking.
Themes
greed
regulation
politics
finance
responsibility
Mood
critical
concerned
Type
analytical
commentary
When to use this quote
- banking oversight
- legislative reform
- ethical leadership
- public accountability
Key Concepts
moral hazard
institutional capture
policy inertia
Questions to Reflect On
- How can regulators develop independent ideas?
- What safeguards can prevent financial overreach?
A Different Perspective
It may overlook the role of market forces and individual accountability beyond regulation.
![“What I think is bugging this guy [Steven Lerner] is the belief that debt - forced debt upon middle-class people, students (i.e., student loans and so forth) - has made Wall Street bankers and financial people excessively, unfairly, out-of-proportionally rich.” quote by Rush Limbaugh](https://sms4smile.com/quotes/img-quotes/f15/rush-limbaugh-28_bankers_what-i-think-is-bugging-this-guy-steven_28590.jpg)
