---
title: "Meaning & Key Takeaway of: The financial services industry is a ward…"
description: "\"The financial services industry is a ward of the state.\" — Timothy Noah"
image: "https://sms4smile.com/quotes/i/64e/timothy-noah-2744_financial_the-financial-services-industry-is-a-war_1982018.jpg"
---

#  The financial services industry is a ward of the state.

![“The financial services industry is a ward of the state.” quote by Timothy Noah](https://sms4smile.com/quotes/i/64e/timothy-noah-2744_financial_the-financial-services-industry-is-a-war_1982018.jpg)   [Download](https://sms4smile.com/quotes/i/64e/timothy-noah-2744_financial_the-financial-services-industry-is-a-war_1982018.jpg) [Open image](https://sms4smile.com/quotes/i/64e/timothy-noah-2744_financial_the-financial-services-industry-is-a-war_1982018.jpg)

> “The financial services industry is a ward of the state.”

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

## About This Quote

This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.

The industry relies heavily on government support and regulation, limiting true competition.

**In simple terms:** Financial services depend on government aid.

Key Takeaway

Advocate for market competition and less reliance on state aid.

Themes

economics government regulation

Mood

critical analytical

Type

commentary political

When to use this quote

- banking
- insurance
- investment firms

Key Concepts

public policy market dynamics

Questions to Reflect On

- What reforms could reduce state dependence?
- How does regulation affect consumer choice?

A Different Perspective

Government involvement can stifle innovation.

★ ★ ★ ★ ★   No ratings yet

[Financial services](https://sms4smile.com/quotes/about/financial-services/) [Industry](https://sms4smile.com/quotes/about/industry/) [Money](https://sms4smile.com/quotes/about/money/)

## Related quotes

> [My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities…](https://sms4smile.com/quotes/merton-miller/my-research-interests-since-then-have-shifted-strongly-towards-the/)

[Merton Miller](https://sms4smile.com/quotes/author/merton-miller/)

> [I was a ward of the state, initially, and then in the foster care system for quite some time, even though I did live…](https://sms4smile.com/quotes/rosie-perez/i-was-a-ward-of-the-state-initially-and-then-in-the-foster-care/)

[Rosie Perez](https://sms4smile.com/quotes/author/rosie-perez/)

> [We can be certain that cities around the world will compete for the jobs that the next revival of the financial services industry will…](https://sms4smile.com/quotes/michael-bloomberg/we-can-be-certain-that-cities-around-the-world-will-compete-for-the/)

[Michael Bloomberg](https://sms4smile.com/quotes/author/michael-bloomberg/)

> [There's no understandable reason why the financial services industry has not developed a more comprehensive sharing of the value chain.](https://sms4smile.com/quotes/sergio-ermotti/there-s-no-understandable-reason-why-the-financial-services-industry/)

[Sergio Ermotti](https://sms4smile.com/quotes/author/sergio-ermotti/)

> [In 2003, Travelex acquired Thomas Cook Financial Services. We only had use of the Thomas Cook name for five years, so I had to…](https://sms4smile.com/quotes/lloyd-dorfman/in-2003-travelex-acquired-thomas-cook-financial-services-we-only-had/)

[Lloyd Dorfman](https://sms4smile.com/quotes/author/lloyd-dorfman/)

> [We do recognise that there are areas where the current financial services market, the banking market, just isn't working for chunks of the British…](https://sms4smile.com/quotes/vince-cable/we-do-recognise-that-there-are-areas-where-the-current-financial/)

[Vince Cable](https://sms4smile.com/quotes/author/vince-cable/)

> [People who work in financial services don't have one shred of concern about the well-being of the people they serve. They're only interested in…](https://sms4smile.com/quotes/barry-schwartz/people-who-work-in-financial-services-don-t-have-one-shred-of-concern/)

[Barry Schwartz](https://sms4smile.com/quotes/author/barry-schwartz/)

> [Go out and interview people to find a partner whom you can trust. Find somebody who subscribes to the same view that you do.…](https://sms4smile.com/quotes/lisa-caputo/go-out-and-interview-people-to-find-a-partner-whom-you-can-trust-find-2/)

[Lisa Caputo](https://sms4smile.com/quotes/author/lisa-caputo/)

> [I happen to love financial services.](https://sms4smile.com/quotes/katie-porter/i-happen-to-love-financial-services/)

[Katie Porter](https://sms4smile.com/quotes/author/katie-porter/)

> [Go out and interview people to find a partner whom you can trust. Find somebody who subscribes to the same view that you do.…](https://sms4smile.com/quotes/lisa-caputo/go-out-and-interview-people-to-find-a-partner-whom-you-can-trust-find/)

[Lisa Caputo](https://sms4smile.com/quotes/author/lisa-caputo/)

> [Insurance and funding traditionally drive capital investment. But in a world based on access, not ownership, the duration, value, cost and extent of financial…](https://sms4smile.com/quotes/lisa-gansky/insurance-and-funding-traditionally-drive-capital-investment-but-in-a/)

[Lisa Gansky](https://sms4smile.com/quotes/author/lisa-gansky/)

> [Citigroup has the opportunity to be the largest financial institution and to serve us well. What we decide to do is not what everybody…](https://sms4smile.com/quotes/lisa-caputo/citigroup-has-the-opportunity-to-be-the-largest-financial-institution/)

[Lisa Caputo](https://sms4smile.com/quotes/author/lisa-caputo/)

> [It's obvious that St. Louis has certain advantages compared to other cities: namely, a concentration of financial services.](https://sms4smile.com/quotes/jim-mckelvey/it-s-obvious-that-st-louis-has-certain-advantages-compared-to-other/)

[Jim McKelvey](https://sms4smile.com/quotes/author/jim-mckelvey/)

> [Travelex has grown into a global business in just 25 years. The acquisition of Thomas Cook's Global & Financial Services has created a business…](https://sms4smile.com/quotes/lloyd-dorfman/travelex-has-grown-into-a-global-business-in-just-25-years-the/)

[Lloyd Dorfman](https://sms4smile.com/quotes/author/lloyd-dorfman/)

> [My background in financial services and my experience as a state representative have given me the ability to identify our country's fiscal problems and…](https://sms4smile.com/quotes/darlene-senger/my-background-in-financial-services-and-my-experience-as-a-state/)

Darlene Senger

## More by Timothy Noah

> [When the only people in mainstream discourse who care about the working class are Wall Street investors, it really is time to ask where…](https://sms4smile.com/quotes/timothy-noah/when-the-only-people-in-mainstream-discourse-who-care-about-the/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [Washington culture has always had a difficult time acknowledging untruth.](https://sms4smile.com/quotes/timothy-noah/washington-culture-has-always-had-a-difficult-time-acknowledging/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [GOP candidates routinely sign a pledge never, ever to raise taxes. Democratic candidates aren't even asked to sign a parallel pledge never, ever to…](https://sms4smile.com/quotes/timothy-noah/gop-candidates-routinely-sign-a-pledge-never-ever-to-raise-taxes/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [Whatever the reason, American Muslims appear far less inclined to support the global jihad than their European counterparts.](https://sms4smile.com/quotes/timothy-noah/whatever-the-reason-american-muslims-appear-far-less-inclined-to/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [I recognize that Republicans see a moral difference between a dollar taken away from a millionaire in government benefits and a dollar taken away…](https://sms4smile.com/quotes/timothy-noah/i-recognize-that-republicans-see-a-moral-difference-between-a-dollar/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [What is the engine that drives economic growth in an ideopolis? The university.](https://sms4smile.com/quotes/timothy-noah/what-is-the-engine-that-drives-economic-growth-in-an-ideopolis-the/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [Income inequality has gotten worse under President Barack Obama.](https://sms4smile.com/quotes/timothy-noah/income-inequality-has-gotten-worse-under-president-barack-obama/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [There is quite a lot of mutual misunderstanding between the upper middle class and the working class. Reviewing what's been said about the white…](https://sms4smile.com/quotes/timothy-noah/there-is-quite-a-lot-of-mutual-misunderstanding-between-the-upper/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [We Americans love our Constitution so much that we can't bear to change even the stupid parts.](https://sms4smile.com/quotes/timothy-noah/we-americans-love-our-constitution-so-much-that-we-can-t-bear-to/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [There's a growing consensus that the best way to defeat communism in Cuba is to get its citizens hooked on American goods.](https://sms4smile.com/quotes/timothy-noah/there-s-a-growing-consensus-that-the-best-way-to-defeat-communism-in/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [What I've come to believe is that psychological advice isn't worth much if it isn't rooted in personal experience.](https://sms4smile.com/quotes/timothy-noah/what-i-ve-come-to-believe-is-that-psychological-advice-isn-t-worth/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [The Supreme Court needs jurists, not politicians.](https://sms4smile.com/quotes/timothy-noah/the-supreme-court-needs-jurists-not-politicians/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [Is class snobbery a social reality in the United States? Absolutely, and the kind that's codified by meritocracy is probably more toxic than the…](https://sms4smile.com/quotes/timothy-noah/is-class-snobbery-a-social-reality-in-the-united-states-absolutely/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [Politicians have such large egos that it usually takes them an inordinately long time to grasp when they've become a pathetic joke.](https://sms4smile.com/quotes/timothy-noah/politicians-have-such-large-egos-that-it-usually-takes-them-an/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

> [Being a teacher is back-breakingly difficult work. It is also extremely important work.](https://sms4smile.com/quotes/timothy-noah/being-a-teacher-is-back-breakingly-difficult-work-it-is-also/)

[Timothy Noah](https://sms4smile.com/quotes/author/timothy-noah/)

[Explore all 152 Timothy Noah quotes ](https://sms4smile.com/quotes/author/timothy-noah/)

## More Financial quotes

> [Amongst the financial Twitterati, the term 'muppets' has come to describe any client used and abused by some financial predator. I've adopted the term…](https://sms4smile.com/quotes/barry-ritholtz/amongst-the-financial-twitterati-the-term-muppets-has-come-to/)

[Barry Ritholtz](https://sms4smile.com/quotes/author/barry-ritholtz/)

> [The financial crisis we are facing today arises from the fact that there is almost no more social, cultural, natural, and spiritual capital left…](https://sms4smile.com/quotes/charles-eisenstein/the-financial-crisis-we-are-facing-today-arises-from-the-fact-that/)

[Charles Eisenstein](https://sms4smile.com/quotes/author/charles-eisenstein/)

> [We're looking out for the financial best interests of the up-and-comer. Everything connects to that.](https://sms4smile.com/quotes/noah-kerner/we-re-looking-out-for-the-financial-best-interests-of-the-up-and/)

[Noah Kerner](https://sms4smile.com/quotes/author/noah-kerner/)

> [Across the globe, regardless of nationality or financial status, there is a common dream every mother has for her children - for them to…](https://sms4smile.com/quotes/sylvia-mathews-burwell/across-the-globe-regardless-of-nationality-or-financial-status-there/)

[Sylvia Mathews Burwell](https://sms4smile.com/quotes/author/sylvia-mathews-burwell/)

> [Remember that Abraham Lincoln was a Whig far longer than he was a Republican. As a whole, the Whigs looked upon banks and corporations…](https://sms4smile.com/quotes/allen-c-guelzo/remember-that-abraham-lincoln-was-a-whig-far-longer-than-he-was-a/)

[Allen C. Guelzo](https://sms4smile.com/quotes/author/allen-c-guelzo/)

> [The families in positions of great financial power obsessively interbreed with each other. But I'm not talking about one Earth race, Jewish or non-Jewish.…](https://sms4smile.com/quotes/david-icke/the-families-in-positions-of-great-financial-power-obsessively/)

[David Icke](https://sms4smile.com/quotes/author/david-icke/)

> [From the 1990s onward, the financial sector created a vast array of instruments designed to separate investors from their money, financial derivatives of an…](https://sms4smile.com/quotes/john-l-casti/from-the-1990s-onward-the-financial-sector-created-a-vast-array-of/)

[John L. Casti](https://sms4smile.com/quotes/author/john-l-casti/)

> [Firstly, economic globalisation has brought prosperity and development to many countries, but also financial crises to Asia, Latin America and Russia, and increasing poverty…](https://sms4smile.com/quotes/anna-lindh/firstly-economic-globalisation-has-brought-prosperity-and-development/)

[Anna Lindh](https://sms4smile.com/quotes/author/anna-lindh/)

> [First, climate change is the greatest long-term threat faced by humanity. It could cause more human and financial suffering than the two world wars…](https://sms4smile.com/quotes/david-miliband/first-climate-change-is-the-greatest-long-term-threat-faced-by/)

[David Miliband](https://sms4smile.com/quotes/author/david-miliband/)

> [At LearnVest, we're working to make financial planning both accessible and affordable so that everyone has the opportunity to get on track financially.](https://sms4smile.com/quotes/alexa-von-tobel/at-learnvest-we-re-working-to-make-financial-planning-both-accessible/)

[Alexa Von Tobel](https://sms4smile.com/quotes/author/alexa-von-tobel/)

> [A faithfully kept program of savings and conservative investments can give you more money and a better life than that of your neighbors who…](https://sms4smile.com/quotes/jane-bryant-quinn/a-faithfully-kept-program-of-savings-and-conservative-investments-can/)

[Jane Bryant Quinn](https://sms4smile.com/quotes/author/jane-bryant-quinn/)

> [Every morning when I pick up the newspaper and read about an earthquake in Japan or problems in European financial institutions, the first question…](https://sms4smile.com/quotes/mary-schapiro/every-morning-when-i-pick-up-the-newspaper-and-read-about-an/)

[Mary Schapiro](https://sms4smile.com/quotes/author/mary-schapiro/)

> [Successful investment is a battle for financial survival.](https://sms4smile.com/quotes/gerald-m-loeb/successful-investment-is-a-battle-for-financial-survival/)

[Gerald M. Loeb](https://sms4smile.com/quotes/author/gerald-m-loeb/)

> [Just as Wall Street needs to break the hold of the bonus culture, which drives risk-taking that is rational for individuals but damaging to…](https://sms4smile.com/quotes/randy-schekman/just-as-wall-street-needs-to-break-the-hold-of-the-bonus-culture/)

[Randy Schekman](https://sms4smile.com/quotes/author/randy-schekman/)

> [You will learn more about Donald Trump by going down to the federal elections, where I filed a 104-page essentially financial statement of sorts,…](https://sms4smile.com/quotes/donald-trump/you-will-learn-more-about-donald-trump-by-going-down-to-the-federal/)

[Donald Trump](https://sms4smile.com/quotes/author/donald-trump/)

Browse all 2,604 Financial quotes

```json
{
    "@context": "https://schema.org",
    "@graph": [
        {
            "@type": "Quotation",
            "text": "The financial services industry is a ward of the state.",
            "creator": {
                "@type": "Person",
                "name": "Timothy Noah"
            },
            "isPartOf": {
                "@id": "https://sms4smile.com/quotes/#website"
            },
            "url": "https://sms4smile.com/quotes/timothy-noah/the-financial-services-industry-is-a-ward-of-the-state/",
            "about": {
                "@type": "Thing",
                "name": "Financial"
            },
            "@id": "https://sms4smile.com/quotes/timothy-noah/the-financial-services-industry-is-a-ward-of-the-state/#quotation",
            "image": {
                "@type": "ImageObject",
                "@id": "https://sms4smile.com/quotes/i/64e/timothy-noah-2744_financial_the-financial-services-industry-is-a-war_1982018.jpg",
                "contentUrl": "https://sms4smile.com/quotes/i/64e/timothy-noah-2744_financial_the-financial-services-industry-is-a-war_1982018.jpg",
                "url": "https://sms4smile.com/quotes/i/64e/timothy-noah-2744_financial_the-financial-services-industry-is-a-war_1982018.jpg",
                "width": 1080,
                "height": 1080,
                "caption": "“The financial services industry is a ward of the state.” — Timothy Noah",
                "creditText": "SMS4Smile Quotes",
                "creator": {
                    "@id": "https://sms4smile.com/quotes/#organization"
                }
            }
        },
        {
            "@type": "BreadcrumbList",
            "itemListElement": [
                {
                    "@type": "ListItem",
                    "position": 1,
                    "name": "Home",
                    "item": "https://sms4smile.com/"
                },
                {
                    "@type": "ListItem",
                    "position": 2,
                    "name": "Quotes",
                    "item": "https://sms4smile.com/quotes/"
                },
                {
                    "@type": "ListItem",
                    "position": 3,
                    "name": "Timothy Noah",
                    "item": "https://sms4smile.com/quotes/author/timothy-noah/"
                },
                {
                    "@type": "ListItem",
                    "position": 4,
                    "name": "The financial services industry is a...",
                    "item": "https://sms4smile.com/quotes/timothy-noah/the-financial-services-industry-is-a-ward-of-the-state/"
                }
            ],
            "@id": "https://sms4smile.com/quotes/timothy-noah/the-financial-services-industry-is-a-ward-of-the-state/#breadcrumb"
        },
        {
            "@type": "WebSite",
            "@id": "https://sms4smile.com/quotes/#website",
            "name": "SMS4Smile Quotes",
            "url": "https://sms4smile.com/quotes/",
            "publisher": {
                "@id": "https://sms4smile.com/quotes/#organization"
            }
        },
        {
            "@type": "Organization",
            "@id": "https://sms4smile.com/quotes/#organization",
            "name": "SMS4Smile Quotes",
            "url": "https://sms4smile.com/quotes/",
            "logo": {
                "@type": "ImageObject",
                "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png",
                "width": 512,
                "height": 512
            }
        }
    ]
}
```