The phrase “Money flows where it is treated best” is widely attributed to the late banker Walter Wriston, who formulated the concept as “Capital goes where it is welcome and stays where it is well treated.” This idea was popularized in the business world by Art Laffer and Steve Moore in their work “Soak The Rich, Lose The Rich,” which demonstrated Wriston’s Law in action.
Walter Wriston was the former chairman and CEO of Citicorp. As chief executive of Citibank / Citicorp from 1967 to 1984, Wriston was widely regarded as the single most influential commercial banker of his time.
During his tenure as CEO, the bank introduced, among other innovations, automated teller machines, interstate banking, the negotiable certificate of deposit, and pursued the credit card business in a way that no other bank was doing at the time.
It will be interesting what the USA will look like in 20 years!
In talking with friends, clients and associates who live in Texas and Florida, migration from CA, WA and other states of similar leanings is very real and impactful. These “migrants” are fleeing bad governance, high taxation and more, but they are bringing their beliefs and voting habits that created the mess they are fleeing with them!
It makes no sense.
“Common sense isn’t very common today.”- Greg Lebold
“Common sense is not so common.”- Voltaire
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