Roger Altman Quotes

Powerful Roger Altman for Daily Growth

About Roger Altman

Roger Altman, a distinguished American economist and investment banker, was born on January 9, 1946, in New York City. He grew up in an intellectual and politically active family, with his father being a lawyer and his mother a writer, which significantly influenced his career path. Altman earned a Bachelor of Arts from Harvard College in 1968, followed by a Master of Business Administration (MBA) from the Harvard Business School in 1972. His academic achievements laid the foundation for his future success. In 1972, Altman joined Lehman Brothers as an associate and quickly rose through the ranks to become Vice Chairman in 1981. During this time, he was instrumental in the firm's expansion into international markets and mergers and acquisitions. In 1985, he left Lehman Brothers to establish Evercore Partners, a global independent investment bank. Altman's public service includes serving as Deputy Treasury Secretary under President Bill Clinton from 1993 to 1994, where he played a crucial role in managing the U.S. economy during economic recession and the Mexican Peso Crisis. He also served on the National Economic Council for the Obama administration. Throughout his career, Altman has written extensively on economics and finance. His most notable works include "Economic Policy and the Health Care Crisis: A Way Forward" (2010) and "Crisis Economics: A Crash Course in Global Economics" (2009), which provides insights into managing global financial crises. Today, Altman continues to be an influential voice on economic policy, serving as Executive Chairman of Evercore and a member of numerous boards, including the Council on Foreign Relations and the Trilateral Commission. His contributions to finance, economics, and public service make him one of the most respected figures in his field.

Interpretations of Popular Quotes

"Capitalism without regulation is like a tiger without teeth: it can destroy its own habitat."

This quote by Roger Altman emphasizes the importance of regulation in capitalism. He suggests that an unregulated capitalist system, much like a tiger without teeth, has the potential to harm or destroy itself by overstepping boundaries and not considering long-term consequences. Regulation serves as a checks-and-balances mechanism to ensure capitalism operates sustainably and ethically within society's guidelines while maintaining economic growth and prosperity.

"The financial system is not self-healing and it's certainly not self-regulating."

Roger Altman's quote suggests that the financial system does not have an inherent ability to recover from crises or maintain stability without external intervention. In other words, the financial system is fragile and requires regulation to function effectively and prevent instability and collapse. This highlights the importance of government oversight and regulation in the financial sector to protect consumers, businesses, and the overall economy.

"In the world of investment banking, you are either eating or being eaten."

This quote by Roger Altman highlights the competitive nature of the investment banking industry, where survival is crucial. It implies that firms must actively seek opportunities to grow and generate profits (eating) in order to remain relevant and avoid being overshadowed by their competitors (being eaten). The quote underscores the relentless pursuit of success, innovation, and adaptation within this high-pressure environment.

"We must learn to manage capitalism better, so that it serves people rather than leaving them behind."

This quote by Roger Altman emphasizes the need for a balance in economic systems. He suggests that while capitalism is essential for prosperity and growth, it should serve the people fairly, rather than allowing certain individuals or groups to benefit at the expense of others. It highlights the importance of responsible governance, social policies, and ethical business practices that prioritize human welfare over unchecked profit-seeking. In essence, Altman calls for a more humane approach to capitalism where economic progress is harmonized with social justice and inclusivity.

"The key to successful economic policy is flexibility, and the key to flexibility is trust between government and the private sector."

This quote by Roger Altman underscores the importance of mutual trust and adaptability in shaping effective economic policies. By emphasizing flexibility, Altman suggests that a successful economy requires a government able to respond swiftly and appropriately to changing market conditions and economic challenges. Moreover, this agility relies on a strong bond of trust between the government and private sector. Trust facilitates open communication, shared goals, and collaboration, enabling both parties to work together towards common prosperity. Therefore, the quote highlights that forging trust between government and the private sector is crucial in fostering an adaptable and thriving economy.

If a lending institution is faced with bids for a package of toxic assets that are less than the carrying value of those assets, the sale of those assets would trigger a further loss and reduce the underlying capital of the institution.

- Roger Altman

Toxic, Capital, Reduce, Trigger

When Xi Jinping came to power, there were a series of hints that market-based capitalism would be allowed to move forward under his leadership. At the first real threat, they've fallen over themselves to impose government control.

- Roger Altman

Government, Allowed, His, Move Forward

The more Mr. Putin extends the fighting in eastern Ukraine, the more the financial markets will ratchet up their own pressure on Russia.

- Roger Altman

Will, Eastern, Mr, Putin

Mergers generate substantial synergies.

- Roger Altman

Mergers, Substantial, Generate

Reasonable mergers generate substantial synergies, so that provides for earnings and cash-flow growth even if it doesn't provide for revenue growth, and I think that's a big driver.

- Roger Altman

Think, Big, I Think, Generate

I don't think there's a more battle-hardened veteran anywhere than Larry Summers.

- Roger Altman

Think, Summers, Veteran, Larry

In September 2008, the overleveraged and undermanaged U.S. banking system suffered a terrifying collapse. And that, in turn, nearly took the whole country down.

- Roger Altman

Country, Terrifying, Took, Banking System

The 2008 economic crisis and Great Recession forced widespread restructuring throughout the U.S. economy - not unlike a company gritting its teeth through a lifesaving bankruptcy.

- Roger Altman

Crisis, Through, Forced, Widespread

Cheap natural gas is a big stimulus to petrochemical production and a meaningful one for all U.S. manufacturing.

- Roger Altman

Big, Natural, Production, Manufacturing

The financial and economic crash of 2008, the worst in over 75 years, is a major geopolitical setback for the United States and Europe.

- Roger Altman

Over, United, United States, Setback

The United States is much further along because its financial crisis struck three years before Europe's, in 2008, causing headwinds that have pressured it ever since.

- Roger Altman

Crisis, United States, Struck

The long-standing wisdom that everyone wins in a single world market has been undermined. Global trade, capital flows, and immigration are declining.

- Roger Altman

Been, Wins, Capital, Declining

The idea that America, whose oil production has been declining for the past 40 years, is now on track to become the world's biggest producer by 2015 is still hard to grasp.

- Roger Altman

Been, Production, Still, Declining

In this age, if the currency of a major nation collapses, or its access to borrowing ends, it just can't function.

- Roger Altman

Nation, Access, Major, Borrowing

Many Russia experts note the deep and sad capacity of the Russian people for suffering.

- Roger Altman

Deep, Russia, Note, Russian People

The Fed is the major U.S. firefighter. It's not the Treasury. It's not the Congress. We certainly saw that vividly in 2008.

- Roger Altman

Certainly, Fed, Major, Firefighter

As we all know, the budget decisions which give rise to increased debt are what counts, and the debt is just a by-product of those budget decisions.

- Roger Altman

Give, Which, By-Product, Budget

Within a few months in 2008, household finances were crushed as asset values fell, millions of jobs were lost, countless credit cards were canceled, and thousands of homes were foreclosed on.

- Roger Altman

Cards, Within, Months, Household

The 2008 financial crisis and the Great Recession that followed have had devastating effects on the U.S. economy and millions of American lives. But the U.S. economy will emerge from its trauma stronger and widely restructured.

- Roger Altman

Trauma, Financial Crisis, Emerge

I think Obamacare, for all its controversy, is actually working.

- Roger Altman

Think, I Think, Actually, Obamacare

China is beginning to act more like a world citizen. We need China to be more active on the world stage. For example, we should want China to be a bigger participant and a bigger shareholder in the IMF. We should want it to be an even more active participant in the G8 and G20.

- Roger Altman

Beginning, Citizen, IMF, Participant

Too many companies are just being big for the sheer sake of it. Too many CEOs thinking bigger is better.

- Roger Altman

Big, Bigger, CEOs, Sake

Russia's oil fields are mature and require capital and Western technology even to keep production flat.

- Roger Altman

Mature, Production, Capital, Western

We live in an era where the global capital markets are the super power in the world, and when they move against you as they've moved against Russia, as we've all seen in the ruble, there's nothing that can stop that.

- Roger Altman

Against, Move, Capital, Era

Safer cities generally mean stronger urban economies.

- Roger Altman

Mean, Urban, Cities, Economies

There are a lot of anachronisms in Washington, but the need to periodically raise the debt limit by Congressional vote is certainly one of them.

- Roger Altman

Certainly, Congressional, Raise

Housing works like a trampoline. When it is pushed down far enough and long enough, it will eventually snap upward very powerfully.

- Roger Altman

Housing, Very, Works, Trampoline

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