26 Quotes by David Malpass

The tenth amendment said the federal government is supposed to only have powers that were explicitly given in the Constitution. I think the federal government's gone way beyond that. The Constitution never said that you could have a Federal Reserve that would have $2.8 trillion in assets. We've gotten out of control.

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 dont fix the underlying problems.

People's jobs are the biggest asset that they have. The net present value of your job is worth more than your house or your stock portfolio. As people decide whether they're going to buy a car, they're more concerned about whether they have a job and are likely to have a job next year.

To win elections, politicians have promised practically endless government spending and covered up the cost, leaving generations of taxpayers obligated to pay off the debt. Thats wrong, but neither the U.S. nor Europe has a plan to stop it.

The assumption that Washington could and would resolve Lehman Brothers without a bankruptcy, as it had Bear Stearns, was the single biggest mistake in the series of mistakes in 2007 and 2008 that led to the financial panic and the ensuing epidemic of job losses.

Politicians are addicted to spending and revenue extraction. As with an addict, there's little pause for moral or legal contemplation.

When Congress legislates in haste, it often causes more problems than it solves. But Congress rarely reconsiders its mistakes.

Every generation has an obligation to leave its children in a better position than it inherited. Our representatives in Washington are breaking faith with that covenant. America must reduce its federal spending and accumulation of debt for the sake of generations to come.

If stocks double but the dollar loses half its value, who beyond Wall Street are the winners and losers?