American - Businessman | November 28, 1937 -
Confrontational things, admission of error, admission of defeat, restructuring, laying people off - those are not American ideals.
Wilbur Ross
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Absent some international interruption, there's no real justification for oil being more than $90 or $100 a barrel.
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I think partly the decline in the peso was due to worry about renegotiation of NAFTA, but I think we also need to think about some other mechanisms for making the peso/dollar exchange rate a bit more stable.
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Regulations don't solve things. Supervision solves things. If we could figure out that the subprime thing was a train wreck that was coming, where were the regulators?
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Generally speaking, companies get into bankruptcy as a kind of meritocracy. Somebody made some sort of big mistake, to get into bankruptcy, and very often, a part of the mistake is too much leverage.
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I see myself as a private-equity investor that helps rebuild companies. Restructuring is a cottage industry in that there aren't that many serious practitioners.
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Between the Community Redevelopment Act, requiring banks to make what I would call very weak loans, and specific quotas that the Congress imposed on Fannie Mae and Freddie Mac, that created the market demand that really led to the subprime phenomenon.
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I think it's natural for any manager to want to grow his business. The question is at what rate, and in what direction, and in what format?
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I don't think there's anything inherently wrong with a bank being big. In fact, there are some good arguments about universality of geography that in theory, if you have all your eggs in one little community, and some big employer goes out, that could be your downfall.
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Shipping has a great oversupply of vessels that came from over-ordering a few years back. We think 2014 may be when it turns around.
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You cannot just keep borrowing more and more and keep spending more and more without eventually having a day of reckoning.
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Shale gas, if left to flourish, could create several hundred thousand more jobs.
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