Quote

Mea culpa, mea culpa. MIT and Wharton and University of Chicago created the financial engineering instruments, which, like Samson and Delilah, blinded every CEO. They didn't realize the kind of leverage they were doing and they didn't understand when they were really creating a real profit or a fictitious one.

Paul Samuelson

Change background

T
T
T

Change font

TAGS & TOPICS

Paul Samuelson
Age: 94 †
Born: 1915
Born: May 15
Died: 2009
Died: December 13
Economist
University Teacher
Gary
Indiana
Paul Anthony Samuelson
Paul A. Samuelson
Realizing
Chicago
Wharton
Understand
Profit
Samson
Didn
Instruments
Mit
Real
University
Fictitious
Every
Financial
Leverage
Kind
Created
Blinded
Really
Creating
Ceo
Like
Realize
Engineering
Delilah

More quotes by Paul Samuelson

Image
You could be disqualified for a job [at Harvard] if you were either smart or Jewish or Keynesian. So what chance did this smart, Jewish, Keynesian have?
Paul Samuelson
Image
Let those who will write the nation's laws, if I can write its textbooks.
Paul Samuelson
Image
By keeping labor supply down, immigration policy tends to keep wages high. Let us underline this basic principle: Limitation of the supply of any grade of labor relative to all other productive factors can be expected to raise its wage rate and increase in supply will, other things being equal, tend to depress wage rates.
Paul Samuelson
Image
Econometrics may be defined as the quantitative analysis of actual economic phenomena based on the concurrent development of theory and observation, related by appropriate methods of inference.
Paul Samuelson
Image
Politicians like to tell people what they want to hear - and what they want to hear is what won't happen.
Paul Samuelson
Image
The failure of market catallactics in no way denies the following truth: given sufficient knowledge the optimal decisions can always be found by scanning over all the attainable states of the world and selecting the one which according to the postulated ethical welfare function is best. The solution 'exists' the problem is how to 'find' it.
Paul Samuelson
Image
First, those who disagree with market efficiency simply assert that it stands to common sense that greater effort to get facts and greater acumen in analyzing those facts will pay off in better performance somehow measured. (By this logic, cure for cancer must have been found by 1955).
Paul Samuelson
Image
We are like highly trained athletes, who never run a race.
Paul Samuelson
Image
Asia's governments come in two broad varieties: young, fragile democracies - and older, fragile authoritarian regimes.
Paul Samuelson
Image
Macroeconomics, even with all of our computers and with all of our information - is not an exact science and is incapable of being an exact science.
Paul Samuelson
Image
We're a me-me-me generation. We're borrowing the savings of every nation in the world. We're ... piling up a big tab. Now, I may think we're too big to have a run on us. You may think that. But it's possible that God does not.
Paul Samuelson
Image
Man does not live by GNP alone.
Paul Samuelson
Image
Funeral by funeral, theory advances.
Paul Samuelson
Image
An intriguing paradox of the 1990s is that it isn't called a decade of greed.
Paul Samuelson
Image
Good questions outrank easy answers.
Paul Samuelson
Image
There is something in people you might even call it a little bit of a gambling instinct… I tell people investing should be dull. It shouldn't be exciting. Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.
Paul Samuelson
Image
Companies are not charitable enterprises: They hire workers to make profits. In the United States, this logic still works. In Europe, it hardly does.
Paul Samuelson
Image
I don't care who writes a nation's laws - or crafts its advanced treaties - if I can write its economics textbooks.
Paul Samuelson
Image
Perhaps there really are managers who can outperform the market consistently - logic would suggest that they exist. But they are remarkably well-hidden.
Paul Samuelson
Image
I don't care very much for the People Magazine approach to applied economics.
Paul Samuelson