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Quotes of the Day for 5 June 2003 – Banks

Not only do QOTD subscribers read, they're also proficient at arithmetic. I found the original e-mail that started yesterday's theme, "If the Indians could have invested their $24 at 6% interest in 1621, it would now be worth around $1.9 trillion - easily more than all the real estate in Manhattan." The first response said the amount (compounded annually) should have been less than a tenth of that: $105,134,658,313.48. Another, using the 1626 date of the actual purchase, came up with $83,276,496,636.80, but also offered monthly compounding resulting in $159,698,673,017.06, and attached a spreadsheet to prove it. Others pointed out that there was no bank offering 6% returns continually for that period, and that the total amount would probably have been lost several times, as have most of the fortunes that existed more than a hundred years ago. I'm not likely to live 382 years, so the final result is moot. When I next see $24 I think I'll invest it in fish and chips and a couple of beers. But to conclude this digression, here are some quotes on Banks.

Van's signature

The quotes:

When your bank account is so overdrawn it's positively photographic, steps must be taken.
     - Dorothy Parker, 1893 - 1967

It's a wise man who lives with money in the bank; it's a fool who dies that way.
     - French proverb

Most of our students are here to get the credentials they believe are central to admission to the Dream. Everyone does the rhetoric bit - Fascist pig this and that - but push them and they ask you to write recommendations for jobs with banks and insurance companies.
     - John Gargin, Professor of Political Science, Kent State University, Ohio

Banking may well be a career from which no man really recovers.
     - John Kenneth Galbraith

A bank is a place where they lend you an umbrella in fair weather and ask for it back when it begins to rain.
     - Robert Frost, 1874 - 1963

When a Banker jumps out of a window, jump after him -that's where the money is.
     - Maximilien Robespierre, 1758 - 1794

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