Lord Acton Quotes
The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.
John Emerich Edward Dalberg [Lord Acton], 1834-1902, English Historian and Member of Parliament (Liberal), Quoted in James D. Scurlock, Maxed Out : Hard Times, Easy Credit, and the Era of Predatory Lenders, 2007
Sourced by: Eigen's Political and Historical Quotations
Most of the Founding Fathers would be scandalized by the banking and finance system we have in modern times. See {615649} for a similar view and {615650} for another quote by Adams regarding banks. Also {630667} for an Engish quote regarding banks. Interestingly, Adams was a very conservative politician and generally supported the establishment, but banks at that time were not thought of as part of the establishment. They had a somewhat unwholesome reputation at best.
Jefferson, who was so brilliant and farsighted with respect to so many things from agriculture to government management had one great weakness. He really did not understand and generally disliked, banking, finance, industry, large manufacturing. His famous disagreements with Alexander Hamilton were mostly over these areas in which Hamilton was so effective at creating America with a strong national economy. Between them, America was started off in the right direction in all areas.
The last sentence echoes a quotation of Napoleon. See {630664} .
Stamp was a banker and the 2nd richest man in England at the time. Yet he warned about aspects of banking that needed reform and regulation.
There were few if any consumer protection laws in those days and many wealthy aristocrats made their money by taking advantage of the poor. They were the landowners, bankers, financiers and often the industrialists. Shaw was a sarcastic social critic and this is a typical line he gave his upper class characters. Today, we have more controls on business and finance, and many wealthy business people have gotten that way by providing great value to the consumers and being honest. However, we still have large numbers of wealthy members of society who do make their money from the poor and middle class by unethical and often illegal means. In the aftermath of the Meltdown of 2008. hundreds of thousands of the homes of the working poor and middle class were foreclosed by the major banks forging the legal documentation for the foreclusures. Millions of consumer contracts are issued that even a PhD cannot understand the terms of without special legal and financial training. There is even a legal definition of a salesperson lying to make a sale which is so commonplace that our law excuses it and calls it "puffing". However, there has been over time, improvement over Shaw's era.
1st Earl of Beaconsfield. See Thomas Jefferson for a similar view.
- Born: January 10, 1834
- Died: June 19, 1902
- Nationality: British
- Profession: Historian
John Emerich Edward Dalberg-Acton, 1st Baron Acton, 13th Marquess of Groppoli, better known as Lord Acton, was an English Catholic historian, politician, and writer. He was the only son of Sir Ferdinand Dalberg-Acton, 7th Baronet, and a grandson of the Neapolitan admiral and prime minister Sir John Acton, 6th Baronet. Between 1837 and 1869 he was known as Sir John Dalberg-Acton, 8th Baronet.