Saving Mr Banks Quotes

That's what we storytellers do. We restore order with imagination. We instill hope again and again and again.

We restore order through the imagination. We restore hope over and over and over again ... .

George Banks and all he stands for will be saved. Maybe not in life, but in imagination. Because that's what we storytellers do. We restore order with imagination. We instill hope again and again and again.

The nudge movement spawned by Thaler and Sunstein has been spectacularly successful around the globe. A 2017 review in the Economist described how policy makers were beginning to embrace insights from behavioral science: In 2009 Barack Obama appointed Mr Sunstein as head of the White House’s Office of Information and Regulatory Affairs. The following year Mr Thaler advised Britain’s government when it established BIT, which quickly became known as the “nudge unit”. If BIT did not save the government at least ten times its running cost (£500,000 a year), it was to be shut down after two years. Not only did BIT stay open, saving about 20 times its running cost, but it marked the start of a global trend. Now many governments are turning to nudges to save money and do better. In 2014 the White House opened the Social and Behavioural Sciences Team. A report that year by Mark Whitehead of Aberystwyth University counted 51 countries in which “centrally directed policy initiatives” were influenced by behavioural sciences. Nonprofit organisations such as Ideas42, set up in 2008 at Harvard University, help run dozens of nudge-style trials and programmes around the world. In 2015 the World Bank set up a group that is now applying behavioural sciences in 52 poor countries. The UN is turning to nudging to help hit the “sustainable development goals”, a list of targets it has set for 2030.32

Economics is a notoriously complicated subject. To make things easier, let’s imagine a simple example. Samuel Greedy, a shrewd financier, founds a bank in El Dorado, California. A. A. Stone, an up-and-coming contractor in El Dorado, finishes his first big job, receiving payment in cash to the tune of $1 million. He deposits this sum in Mr Greedy’s bank. The bank now has $1 million in capital. In the meantime, Jane McDoughnut, an experienced but impecunious El Dorado chef, thinks she sees a business opportunity – there’s no really good bakery in her part of town. But she doesn’t have enough money of her own to buy a proper facility complete with industrial ovens, sinks, knives and pots. She goes to the bank, presents her business plan to Greedy, and persuades him that it’s a worthwhile investment. He issues her a $1 million loan, by crediting her account in the bank with that sum. McDoughnut now hires Stone, the contractor, to build and furnish her bakery. His price is $1,000,000. When she pays him, with a cheque drawn on her account, Stone deposits it in his account in the Greedy bank. So how much money does Stone have in his bank account? Right, $2 million. How much money, cash, is actually located in the bank’s safe? Yes, $1 million. It doesn’t stop there. As contractors are wont to do, two months into the job Stone informs McDoughnut that, due to unforeseen problems and expenses, the bill for constructing the bakery will actually be $2 million. Mrs McDoughnut is not pleased, but she can hardly stop the job in the middle. So she pays another visit to the bank, convinces Mr Greedy to give her an additional loan, and he puts another $1 million in her account. She transfers the money to the contractor’s account. How much money does Stone have in his account now? He’s got $3 million. But how much money is actually sitting in the bank? Still just $1 million. In fact, the same $1 million that’s been in the bank all along. Current US banking law permits the bank to repeat this exercise seven more times. The contractor would eventually have $10 million in his account, even though the bank still has but $1 million in its vaults. Banks are allowed to loan $10 for every dollar they actually possess, which means that 90 per cent of all the money in our bank accounts is not covered by actual coins and notes.2 If all of the account holders at Barclays Bank suddenly demand their money, Barclays will promptly collapse (unless the government steps in to save it). The same is true of Lloyds, Deutsche Bank, Citibank, and all other banks in the world. It sounds like a giant Ponzi scheme, doesn’t it? But if it’s a fraud, then the entire modern economy is a fraud. The fact is, it’s not a deception, but rather a tribute to the amazing abilities of the human imagination. What enables banks – and the entire economy – to survive and flourish is our trust in the future. This trust is the sole backing for most of the money in the world.

I’m amazed at how this has snowballed into such a media event. It began last week when I saw a national news report by Tom Brokaw about this adorable little lady from Georgia, Mrs. Hill, who was trying to save her farm from being foreclosed. Her sixty-seven-year-old husband had committed suicide a few weeks earlier, hoping his life insurance would save the farm, which had been in the family for generations. But the insurance proceeds weren’t nearly enough. It was a very sad situation, and I was moved. Here were people who’d worked very hard and honestly all their lives, only to see it all crumble before them. To me, it just seemed wrong. Through NBC I was put in touch with a wonderful guy from Georgia named Frank Argenbright, who’d become very involved in trying to help Mrs. Hill. Frank directed me to the bank that held Mrs. Hill’s mortgage. The next morning, I called and got some vice president on the line. I explained that I was a businessman from New York, and that I was interested in helping Mrs. Hill. He told me he was sorry, but that it was too late. They were going to auction off the farm, he said, and “nothing or no one is going to stop it.” That really got me going. I said to the guy: “You listen to me. If you do foreclose, I’ll personally bring a lawsuit for murder against you and your bank, on the grounds that you harassed Mrs. Hill’s husband to his death.” All of a sudden the bank officer sounded very nervous and said he’d get right back to me. Sometimes it pays to be a little wild. An hour later I got a call back from the banker, and he said, “Don’t worry, we’re going to work it out, Mr. Tramp.” Mrs. Hill and Frank Argenbright told the media, and the next thing I knew, it was the lead story on the network news. By the end of the week, we’d raised $40,000. Imus alone raised almost $20,000 by appealing to his listeners. As a Christmas present to Mrs. Hill and her family, we’ve scheduled a mortgage-burning ceremony for Christmas Eve in the atrium of Trump Tower. By then, I’m confident, we’ll have raised all the money. I’ve promised Mrs. Hill that if we haven’t, I’ll make up any difference. I tell Imus he’s the greatest, and I invite him to be my guest one day next week at the tennis matches at the U.S. Open. I have a courtside box and I used to go myself almost every day. Now I’m so busy I mostly just send my friends.

Bruce Mesnekoff Discussing About Refinancing Student Loan and Consolidation Loan repayment is a major goal for any graduate after college. According to our Expert from Student Loan Help Center, Mr.Bruce Mesnekoff, Every individual dreams of a loan free future and having some financial stability. To achieve this, there are options available to help with loan repayment. In our earlier article we spoke about consolidating student loans. In this article, we will discuss refinancing student loans and its associated advantages. So Bruce Mesnekoff, how consolidation and refinancing are different in terms? These two terms are used interchangeably by most people but there is substantial difference between the two. Understanding the difference is critical to know when can each be used and whether it will solve your purpose or not. Consolidation lets you combine all your student loans into one loan and pay interest at a weighted average. Refinancing is taking a new loan to pay off all your student loans. Refinancing is not available for federal loans but only for private loans.Also only private loan lenders provide the option of refinancing, though a few might provide you with the option of refinancing private and federal loans. Why Refinancing and Bruce Mesnekoff tells us what are the Advantages of it? Refinancing has certain benefits if you get good pay. You will have to pay lesser interest rate. This helps you save monthly and eventually a bigger bank balance down the years. Your credit score is high which will help you gain multiple offers from lenders with lesser interest rate. Offers you variable loan interest which come handy if you took loan when interest rates were too high. You also have the option of decreasing your loan repayment cycle, This will increase monthly repayment amount but you will be loan free in shorter time and will save on even more interest money. Disadvantages There is one major disadvantage that comes when you refinance private and federal loans. The benefits offered by federal loans like public loan forgiveness program or income driven repayment will not be transferred to private lenders. So if you are truly confident of your income then you can do away with such options and completely rely on private loans. So Bruce Mesnekoff , Can you tell us Eligibility Criteria, I think its most important for our students. The eligibility is determined by your financial stability, your credit score, employment history etc. If you have poor credit, you can always have a co-signer to make the process feasible. Refinancing is surely a great way to save money, but whether it best fits you or not is completely your decision. Thoroughly analyze all the pros and cons against your goal and then take the first step. Make the best use of the number of lenders available to provide you with the best solution for your areas of concerns. Good Luck! You can also contact Bruce Mesnekoff an author of The ultimate guide to student loans and CEO of Student Loan Help Center Florida.

And, as inflation has fallen, so bonds have rallied in what has been one of the great bond bull markets of modern history. Even more remarkably, despite the spectacular Argentine default – not to mention Russia’s in 1998 – the spreads on emerging market bonds have trended steadily downwards, reaching lows in early 2007 that had not been seen since before the First World War, implying an almost unshakeable confidence in the economic future. Rumours of the death of Mr Bond have clearly proved to be exaggerated. Inflation has come down partly because many of the items we buy, from clothes to computers, have got cheaper as a result of technological innovation and the relocation of production to low-wage economies in Asia. It has also been reduced because of a worldwide transformation in monetary policy, which began with the monetarist-inspired increases in short-term rates implemented by the Bank of England and the Federal Reserve in the late 1970s and early 1980s, and continued with the spread of central bank independence and explicit targets in the 1990s. Just as importantly, as the Argentine case shows, some of the structural drivers of inflation have also weakened. Trade unions have become less powerful. Loss-making state industries have been privatized. But, perhaps most importantly of all, the social constituency with an interest in positive real returns on bonds has grown. In the developed world a rising share of wealth is held in the form of private pension funds and other savings institutions that are required, or at least expected, to hold a high proportion of their assets in the form of government bonds and other fixed income securities. In 2007 a survey of pension funds in eleven major economies revealed that bonds accounted for more than a quarter of their assets, substantially lower than in past decades, but still a substantial share.71 With every passing year, the proportion of the population living off the income from such funds goes up, as the share of retirees increases.

Much of the negation poisoning the democratic process has stemmed from a confusion of the personal and the statistical. I may hold down an excellent job, but the failure of the stimulus to meet its targets infuriates me. I may live in peaceful Vienna, Virginia, safe from harm—but a report that several Americans have died violently in Kabul appears like a fatal failure of authority. By dwelling on the plane of gross statistics, I become vulnerable to grandiose personal illusions: that if I compel the government to move in this direction or that, I can save the Constitution, say, or the earth, or stop the war, or end poverty now. Though my personal sphere overflows with potentiality, I join the mutinous public and demand the abolition of the established order. This type of moral and political displacement is nothing new. The best character in the best novel by Dickens, to my taste, is Mrs. Jellyby of Bleak House, who spent long days working to improve “the natives of Borrioboola-Gha, on the left bank of the Niger,” while, in her London home, her small children ran wild and neglected. Dickens termed this “telescopic philanthropy”—the trampling of the personal sphere for the sake of a heroic illusion. Mrs. Jellyby, sitting in quite a nest of waste paper, drank coffee all the evening and dictated at intervals to her eldest daughter. She also held a discussion with Mr. Quale, the subject of which seemed to be—if I understood it—the brotherhood of humanity, and gave utterance to some beautiful sentiments. I was not so attentive an auditor as I might have wished to be, however, for Peepy and the other children came flocking about Ada and me in a corner of the drawing-room to ask for another story; so we sat down among them and told them in whispers “Puss in Boots” and I don’t know what else until Mrs. Jellyby, accidentally remembering them, sent them to bed.3 The revolt of the public has had a telescopic and Jellybyan aspect to it. Though they never descended to details, insurgents assumed that, by symbolic gestures and sheer force of desire, they could refashion the complex systems of democracy and capitalism into a personalized utopia. Instead, unknowingly, they crossed into N. N. Taleb’s wild “Extremistan,” where “we are subjected to the tyranny of the singular, the accidental, the unseen, and the unpredicted.” In that unstable country, “you should always be suspicious of the knowledge you derive from data.”4 I can’t command a complex social system like the United States, but I can control my political expectations of it: I can choose to align them with reality. To seize this alternative, I must redirect the demands I make on the world from the telescopic to the personal, because actionable reality resides in the personal sphere. I can do something about losing my job, for example, but I have no clue what could or should be done about the unemployment rate. I know directly whether a law affects my business for better or worse, but I have no idea of its effect on the gross domestic product. I can assist a friend in need, but I have little influence over the natives of Borrioboola-Gha, on the left bank of the Niger. Control, however tenuous, and satisfaction, however fleeting, can only be found in the personal sphere, not in telescopic numbers reported by government. A