42,811. It is impossible to underestimate the shock – a sense of stunned disbelief. (Stocks & Markets) Steve Fraser, author Wall Street: A Cultural History
42,812. The market broke very sharply. And a lot of people were wiped out with it. It was very painful. (Stocks & Markets) Steve Fraser
42,861. Markets can remain irrational longer than you can remain solvent. (Stocks & Markets) John Maynard Keynes
42,864. Among the causes of the recent financial crisis was an unjustified faith in rational expectations [and] market efficiencies. Paul Volcker, former Federal Reserve chairman
49,733. The crisis of modern democracy is a profound one. Free elections, a free press and an independent judiciary mean little when the free market has reduced them to commodities available on sale to the highest bidder. (Democracy & Market) Arundhati Roy
58,951. The market-place, the eager love of gain,
Whose aim is vanity, and whose end is pain! (Vanity & Market) Henry Wadsworth Longfellow, Morituri Salutamus st23
71,074. The market is incredibly inefficient and capable on rare occasions of being utterly dysfunctional. And people have a really hard time getting their brain around that fact. They want to believe that it’s approximately efficient almost all the time, and it simply isn’t true. (Efficient & Market) Jeremy Grantham
90,954. The market was not a wicked thing, it was lively and human and sociable. (Thatcher & Market) Martin Durkin, Margaret: Death of a Revolutionary, Channel 4 2013
91,553. The history of capitalism has been so totally re-written that many people in the rich world do not perceive the historical double standards involved in recommending free trade and free market to developing countries. (Trade & Capitalism & Market & Economics) Ha-Joon Chang, Bad Samaritans, Prologue xxiii 2008
91,554. Britain and the US are not the homes of free trade; in fact, for a long time they were the most protectionist countries in the world. Not all countries have succeeded through protection and subsidies, but few have done so without them. For developing countries, free trade has a rarely been a matter of choice; it was often an imposition from outside, sometimes even through military power. Most of them did very poorly under free trade; they did much better when they used protection and subsidies. The best-performing economies have been those that opened up their economies selectively and gradually. Neo-liberal free-trade free-market policy claims to sacrifice equity for growth, but in fact it achieves neither; growth has slowed down in the past two and a half decades when markets were freed and borders opened. (Trade & Capitalism & Market & Economics) ibid. Prologue xxiv
91,555. The importance of international trade for economic development cannot be overemphasized. But free trade is not the best path to economic development. Trade helps economic development only when the country employs a mixture of protection and open trade, constantly adjusting it according to its changing needs and capabilities. Trade is simply too important for economic development to be left to free trade economists. (Trade & Capitalism & Market & Economics) ibid. ch 3
95,591. Prohibiting a market does not mean destroying it. Prohibiting a market means placing a prohibited but dynamically developing market under the total control of criminal corporations. (Market & Prohibition) Lev Timofeev, Russian dissident mathematician
95,686. It is not globalisation in itself that has spurred the spectacular growth of organised crime in recent years, but global markets that are either insufficiently regulated, especially in the financial sector, or too closely regulated, as in the labour and agricultural markets. (Gangstas & Globalisation & Market & Finance) Misha Glenny, McMafia
96,802. Legislation of a legal market is bound to fail when a healthy black market exists for the same product. With guns so cheap and easy to get, the standard criminal has no incentive to fill out a firearms application at his local gun shop and then wait a weak. (Guns & Market) Steven D Levitt & Stephen J Dubner
98,619. Hunts Point: there are three massive wholesale makets here selling meat, fruit and veg, and fish. (New York & Food & Market) New York: America’s Busiest City II
98,620. An army of delivery men and women working day and night. Most of them use bikes to courier the food. (New York & Food) ibid.
98,621. 3 a.m. The busiest time for the [fish] market. (New York & Food & Market) ibid.
100,282. Goldsmith arrived in America … He would be used as a battering ram to break down the old system of power that had ruled America for fifty years. (United States of America & Capitalism & Corporation & Business & Industry & United States of America & Stocks & Shares & Market & Banks & Wall Street) Adam Curtis, The Mayfair Set III: Destroy the Technostructure, BBC 1999
100,283. Investors were falling over themselves to invest in junk bonds. (United States of America & Club & Capitalism & Corporation & Business & Industry & United States of America & Stocks & Shares & Market & Banks & Wall Street) ibid.
100,284. Big corporations were at the heart of American life … A patrician elite who had run America for fifty years. (United States of America & Club & Capitalism & Corporation & Business & Industry & United States of America & Stocks & Shares & Market & Banks & Wall Street) ibid.
100,285. It was the reconstruction of America by the power of the market. (United States of America & Club & Capitalism & Corporation & Business & Industry & United States of America & Stocks & Shares & Market & Banks & Wall Street) ibid.
100,286. Millions of workers were downsized. (United States of America & Club & Capitalism & Corporation & Business & Industry & United States of America & Stocks & Shares & Market & Banks & Wall Street) ibid.
100,287. Goldsmith was beginning to suffer from delusions of grandeur: he forgot that he was no more that a creature of the banks … But the banks themselves were about to fall from grace. Goldsmith would be left helpless and exposed. (United States of America & Great Britain & Capitalism & Corporation & Business & Industry & United States of America & Stocks & Shares & Market & Banks & Wall Street) ibid.
100,189. Faced with the bankers’ argument Clinton agreed, and on taking office began to cut back on his reforms. During his first term, he dismantled much of the welfare structure that had been put in place in the 1930s; he abandoned all his healthcare reforms and cut regulation of business. (Freedom & Clinton & Economics & Market) Adam Curtis, The Trap II: The Lonely Robot. BBC 2007
100,190. The promoters of this idea of market democracy portrayed it as a glorious return to a golden age. (Freedom & Economics & Market) ibid.
100,191. Freedom was redefined to mean nothing more than the ability of individuals to get anything they wanted. (Freedom & Economics & Market) ibid.
100,520. What the free market ideology does is it organises the economy in such a way that the state really has no role, so the free market ideology is actually taking power through these economic decisions and transactions completely out of the hands of the public and giving free rein to all manner of actors and vested interests that have nothing to do with the popular will. (Civilisation & Crisis & Market) Nafeez Ahmed, The Crisis of Civilization, 2011
100,539. ‘Here in Venezuela and the rest of Latin America we were being taken over by the savage project of neo-liberalism with its claim that there’s a hidden hand which regulates the market. It’s a lie, a lie! A lie a thousand times over! Of course there are alternatives and we in Venezuela we are proving it! (Venezuela & Lie & Market & Coup) The Revolution Will Not Be Televised: Chavez: Inside the Coup, 2003, Chavez to crowd
114,789. Since the 60s news from the City has mattered to more and more people. Between St Paul’s and Tower Bridge lies the City of London and its marketplaces. No-one makes anything here except money. For this is capitalism’s heart: one square mile of offices, typewriters and telephones. (Stocks & Market & London) Inside Story: The Market, BBC 1976
114,790. Banks: there are over 250 of them in the City. (Stocks & Market & London) ibid.
114,791. ‘The largest foreign exchange market in the world.’ (Stocks & Market & London) ibid.
114,792. At the heart of non-life insurance are men of substance called Lloyds of London. A Lloyds underwriter makes his living from betting you your disaster won’t happen. If it does, the underwriter who’s put his name to the risk must pay out down to the shirt on his back. (Stocks & Market & London & Insurance) ibid.
114,793. Every day the discount houses scour the banks for idle money. (Stocks & Market & London) ibid.
114,794. The health of the market is monitored with a morbid precision. (Stocks & Market & London) ibid.
114,795. ‘It’s a battle zone.’ (Market & London & Fish) Inside Story: Fish Tales, BBC 1999, trader
114,796. Billingsgate in the heart of London’s East End is the country’s largest inland fish market. For over a thousand years it’s been home to generations of nocturnal fish devotees whose unique passion for selling fish still flourishes today. (Market & London & Fish) ibid.
114,797. Market life starts around midnight but selling can’t start until five. (Market & London & Fish) ibid.
114,798. To move fish around the market you have to be a specially licensed porter. There are 100 permanent porters and 20 casuals. Casuals turn up on the off-chance of a day’s work. (Market & London & Fish) ibid.
116,927. God is dead. But the market is immortal. (Politics & Market) The New Statesman s3e6: Profit of Boom
120,703. We are now living in a magical time where still to this day bad news – bad economic news – is often considered by the markets to be good news because it just means there’s more government intervention on the way. They won’t let it collapse. The Corbett Report, Money Magic and the Scramble for Africa, James Corbett online 2018, Melody Cederstrom
123,279. For over 150 years, the Chicago trading floors have been home to the most primal method of buying and selling. In 1997 more than 10,000 people traded on the floors. Later that year, computer trading emerged. Today, about 10% remain. (Stocks & Shares & Markets & Chicago & Trade) Floored, 2009
123,280. ‘Chicago: it’s physical’ … ‘You saw the worst in everyone’ … ‘The physicality in the pit was ridiculous’ … (Stocks & Shares & Markets & Chicago & Trade) ibid.
123,281. Futures Trading 101: ‘for buyers and sellers to manage the risk against unpredictable price fluctuations.’ (Stocks & Shares & Markets & Chicago & Trade) ibid.
123,282. Many traders trade with their own money. (Stocks & Shares & Markets & Chicago & Trade) ibid.
123,283. ‘There’s a gambling mentality to what we do down there.’ (Stocks & Shares & Markets & Chicago & Trade) ibid. trader
123,284. ‘95% now of all global markets are electronic.’ (Stocks & Shares & Markets & Chicago & Trade) ibid. Linda Raschke, LBR Group