Thrifts Quotes

“On the way to the cake shop I kept stopping to shake the wet leaves off the soles of my brown suede Whistles boots. I bought them at Sue Ryder, the charity shop in Camden Town. [...] I know how to find good clothes in those places. First scan the rails for an awkward colour, anything that jumps out as being a bit ugly, like dirty mustard, salmon pink or olive green with a bit too much brown in it. A print with an unusual combination of colours – dark green and pink, bright orange and ultramarine – is also worth checking out. If the quality of the fabric is good, pull the garment out and check the label. Well-cut clothes can look misshapen on a hanger because they're cut to look good on the body. I'll buy a good piece if it fits, even if it doesn't sometimes. Even if it's not my style or has short sleeves, or I don't like the shape or the buttons. I learn to love it. I never tire of clothes I've bought that I've had to adjust to. It's the compromise, the awkward gap that has to be bridged that makes something, someone, lovable.”
― Viv Albertine, To Throw Away Unopened

“These Ginnie Maes suck. They get longer [in maturity] when rates go up, and shorter when rates go down, and nobody wants them”
― Michael Lewis

“Many thrifts layered a billion dollars of brand-new loans on top of their existing, disastrous hundred million dollars of old loss-making loans, in a hope that the new would offset the old. Each new purchase of mortgage bonds (which was identical to making a loan) was like the last act of a desperate man. The strategy was wildly irresponsible, for the fundamental problem (borrowing short term and lending long term) hadn’t been remedied. The hypergrowth only meant that the next thrift crisis would be larger. But the thrift managers were not thinking that far in advance. They were simply trying to keep the door to the shop open. That explains why thrifts continued to buy mortgage bonds even as they sold their loans.”
― Michael Lewis, Liar's Poker

“This completed the curious reversal in roles that occurred in the early 1980s, when thrifts became traders and traders thrifts.”
― Michael Lewis, Liar's Poker