Interest Rate Quotes

Today the strategies of many companies in the real estate industry are premised on low interest rates, an assumption that has resulted in the rapid expansion of the real estate securitization business. This trend could be regarded as a risk factor, as it exposes the real estate sector to at least three potential problems: first, interest rate hikes; second, revisions to securitization business accounting standards; and third, overheating in the real estate market. ~ Akira Mori

The industrial real estate market completed one of its strongest demand cycles in history as several factors ignited the fire. For projects coming on line in 2005, record-low interest rates during the design phase 12 to 18 months prior provided additional incentive for development and absorption. ~ Brian Gordon

Greece will not manage to get back on its feet without restructuring its debt. There is no way around it. The country's creditors will have to reduce a portion of its debts by extending maturity dates, lowering interest rates or giving them what's called a 'haircut' in financial jargon. ~ Peer Steinbruck

why the rating agencies weren't more critical of bonds underpinned by floating-rate subprime mortgages. Subprime borrowers tended to be one broken refrigerator away from default. Few, if any, should be running the risk of their interest payment spiking up. As most of these loans were structured, however, the homeowner would pay a fixed teaser rate of, say, 8 percent for the first two years, and then, at the start of the third year, the interest rate would skyrocket to, say, 12 percent, and thereafter it would float at permanently high levels. ~ Michael Lewis

Tardiness is next to wickedness in a society relentless in its consumption of time as both a good and a service
as tweet and Instagram, film clip and sound bite, as sporting event, investment opportunity, Tinder hookup, and interest rate
its value measured not by its texture or its substance but by the speed of its delivery, a distinction apparent to Andy Warhol when he supposedly said that any painting that takes longer than five minutes to make is a bad painting. ~ Lewis H. Lapham

Privacy is a vast subject. Also, remember that privacy and convenience is always a trade-off. When you open a bank account and want to borrow some money, and you want to get a very cheap loan, you'll share all details of your assets because you want them to give you a low interest rate. ~ Nandan Nilekani

Intrinsic value can be defined simply: It is the discounted value of the cash that can be taken out of a business during its remaining life. The calculation of intrinsic value, though, is not so simple. As our definition suggests, intrinsic value is an estimate rather than a precise figure, and it is additionally an estimate that must be changed if interest rates move or forecasts of future cash flows are revised. ~ Warren Buffett

There will not be an automatic increase in interest rate when unemployment hits 6.5%. ~ Ben Bernanke

One grave and fundamental Keynesian error is to persist in regarding the interest rate as a contract rate on loans instead of the price spreads between stages of production. The former, as we have seen, is only the reflection of the latter. ~ Murray Rothbard

The world economy is in a nosedive, and understanding what I call "depression economics" - the weird world you get into when even a zero interest rate isn't low enough, and a messed-up financial system is dragging down the real economy - is essential if we're going to avoid the worst. ~ Paul Krugman

The discounting presumably is to be done for each period of time at that rate of interest which represents the alternative cost of employing capital in the occupation in question; that is, at the rate which the entrepreneur could obtain in other investments ~ Kenneth E. Boulding

Most savings rates are based on underlying interest rates. ~ Martin Lewis

If you fail to pay your minimums for any debt on time, your credit score will take a major hit and you run the risk of seeing the interest rate on all of your cards go up. An easy way to remind yourself to pay, is to sign up to receive your statements via e-mail. ~ Alexa Von Tobel

About 4,400 years ago 8 people stepped off Noah's ark. According to the United Nations Population Growth Statistics, the world's population grows at about .47% per year. That is the growth rate for all civilizations who kept records. Suppose you put $8.00 in the bank 4,400 years ago and received .47% a year. How much money would you have? What a coincidence! It would be about $7,000,000,000. That's kind of odd, because 4,400 years ago 8 people stepped off the ark and now we have about 7,000,000,000 people on planet earth. God's math works!
Compound interest is something we teach to seventh-graders. You don't have to be a professor to figure this out. A twelve-year-old can do the calculation. Ask any seventh-grader, the algebraic equation looks like this: A=P (1+r/n)t . . . where "A " is the ending amount (about 7,000,000,000 in this case), "P " is the beginning amount (8 in this case), "r " is the interest rate (.47% in this case), "n " is the number of compoundings a year (1 in this case), and "t " is the total number of years (4,400 in this case).
pg 11 ~ Michael Ben Zehabe

No one will lend at a negative interest rate; potential creditors will simply choose to hold cash, which pays zero nominal interest. ~ Ben Bernanke

Why do we still cling to the intellectually retarded notion that liberty can be obtained, maintained, or lost at the end of a gun barrel? When you're working 3 minimum wage jobs to make the minimum payment on a pair of socks you bought 12 years ago because your credit card company slapped you with an interest rate that would make a loan shark holler WTF! ... well, no one needs to hold a gun to your head. Your ass has already been sold down the river. ~ Quentin R. Bufogle

After the accession to the euro zone, interest rates declined substantially in Portugal. ~ Anibal Cavaco Silva

Bet on black. Buy low-debt or no-debt companies. When the economy is in trouble, these companies usually have enough cash on hand to stay out of trouble. And they seldom need to borrow when interest rates are high. ~ Nancy Dunnan

So the stock market could have a negative wealth effect and weigh on capital spending, but a sharp decline in long-term interest rates would be an important counterweight. ~ Joseph Barbera

Life is little more than a loan shark: It exacts a very high rate of interest for the few pleasures it concedes ~ Luigi Pirandello

The Federal Reserve has the capacity to operate in domestic money markets to maintain interest rates at a level consistent with our economic goals ~ Ben Bernanke

You'll get the biggest bang for each buck by paying off the highest interest rate debt in your portfolio first, while making minimum payments on the remainder. It's called the avalanche method, and it gets you out of debt cheapest and fastest. ~ Jean Chatzky

We've got to make greedy banks pass on interest rate cuts in full, and we've got to see rents coming down. ~ Jasmine Guinness

Simply calling your credit card issuer and asking them to lower your interest rate may yield immediate savings. ~ Jean Chatzky

We test everything on a one- and a three-year cycle. And you want to stress-test a model, and the three-year test usually does that because you have a growth and value bias. You have different interest rate environments. ~ Louis Navellier

These crises are really a form of domestic default that governments employ in countries where financial repression is a major form of taxation. Under financial repression, banks are vehicles that allow governments to squeeze more indirect tax revenue from citizens by monopolizing the entire savings and payments system, not simply currency. Governments force local residents to save in banks by giving them few, if any, other options. They then stuff debt into the banks via reserve requirements and other devices. This allows the government to finance a part of its debt at a very low interest rate; financial repression thus constitutes a form of taxation. Citizens put money into banks because there are few other safe places for their savings. Governments, in turn, pass regulations and restrictions to force the banks to relend the money to fund public debt. Of course, in cases in which the banks are run by the government, the central government simply directs the banks to make loans to it. ~ Carmen M. Reinhart

When a branch of mathematics ceases to interest any but the specialists, it is very near its death, or at any rate dangerously close to a paralysis, from which it can be rescued only by being plunged back into the vivifying source of the science. ~ Andre Weil

If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same. ~ Jamie Dimon

Ever since the millennial crash, the United States has been buffeted by currency shocks, interest-rate gyrations, and financial device bubbles. Government fashions move "investment" from real estate consumption to climate distractions. It was technology alone that saved the world economy. ~ George Gilder

For some reason, Greg Ginn from Black Flag is recording an Access: Hollywood episode in my bathroom, doing an interview with one of those interchangeable video host babes. He's talking about how an important part of making it as a punk rock musician is to buy a good condo at a low interest rate, and then list it on Airbnb when you're on tour. While he talks, he eats a loaf of garlic bread that has currywurst on it, which is a trending meme that week. ~ Jon Konrath

In the interest rate area, traders have for a long time used a version of what is known as Black's model for European bond options; another version of the same model for caps and floors; and yet another version of the same model for European swap options. ~ John Hull

It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate. ~ Warren Buffett

What central banks can control is a base and one way they can control the base is via manipulating a particular interest rate, such as a Federal Funds rate, the overnight rate at which banks lend to one another. But they use that control to control what happens to the quantity of money. There is no disagreement. ~ Milton Friedman

The insurance companies do not refer to the key policy rate when they send their statements. We can only control that rate. Long-term interest rates are determined largely by global financial markets. ~ Mario Draghi

Bank One has got one of the best credit card divisions, ... The perception of investors is that financial services stocks are affected by interest rates and they're not. ~ David Dreman

Eurobonds are absolutely wrong. In order to bring about common interest rates, you need similar competitiveness levels, similar budget situations. You don't get them by collectivizing debts. ~ Angela Merkel

My financial adviser Ric Edelman ... thinks the time to start educating people about money is when they are children. He's set up a retirement plan called the RIC-E-Trust that can provide retirement security. A $5,000 one-time tax-deferred investment at birth, with an average interest rate of ten percent compounded, means that a child would have $2.4 million when he or she is 65 years old. Who needs Social Security with that kind of nest egg? ~ Cal Thomas

Credit card companies are jacking up interest rates, lowering credit limits, and closing accounts - and people who have made timely payments are not exempt. So even if you pay off your balance - and that's tough when interest rates are insanely high - there's a good chance your credit limit will be slashed, and that will hurt your FICO score. ~ Suze Orman

We don't know what our health care costs are going to be. We don't know what our tax rates are going to be. We don't know what our interest rates are going to be. We don't know what our energy costs are going to be. All these uncertainties are being driven by the Government's agenda. What we really need to do is get Government to step back. ~ Jim Renacci

[Australian Reserve Bank] Governor MacFarlane said recently when Paul Volcker broke the back of American inflation it's regarded as the policy triumph of the Western world. When I broke the back of Australian inflation they say, "Oh, you're the fellow that put the interest rates up." Am I not the same fellow that gave them the 15 years of good growth and high wealth that came from it? ~ Paul Keating

We do not have, nor have had, and never will have an opinion about where the stock market, interest rates, or business activity will be a year from now. ~ Warren Buffett

If we did go into a recession, something that's always possible for the U.S. or Europe, we could lower interest rates and expand the money supply without worrying about the price of gold. ~ Jeffrey Sachs

If you have credit card debt and credit card companies continue to close down the cards, what are you going to do? What are you going to do if they raise your interest rates to 32 percent? That's five times higher than what your kid is going to pay in interest on a student loan. Get rid of your credit card debt. ~ Suze Orman

If it were possible to take interest rates into negative territory I would be voting for that. ~ Janet Yellen

The government must do all it can to help reduce interest rates for business. ~ Pauline Hanson

Note to future generations: In our time, are such things as credit cards. Company loans money, you pay back at high interest rate. Is nice for when you do not actually have money to do thing you want to do (for example, buy extravagant cheetah). You may say, safe in your future time: Wouldn't it be better to simply not do things you can't afford to do? Easy for you to say. ~ George Saunders

There have been times when the Federal Reserve has restricted the money supply and raised interest rates to gain an end, which had much better been left to another Government agency or the Congress to attain. The country could have had lower interest rates without sacrificing anything else. ~ Wright Patman

I think the millions of people who had been able to renegotiate their mortgages so they are paying lower interest rates are better off. ~ David Axelrod

Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of 'the debt trap' as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker's interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing 'bail-outs' to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury–Wall Street–IMF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, 'over fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center'. 'What a peculiar world', sighs Stiglitz, 'in which the poor countries are in effect subsidizing the richest. ~ David Harvey

Maybe it was true, and being a girl could be about interest rates and skinny jeans, riding bikes and wearing pink. Not about any one thing, but everything. ~ Sarah Dessen

The one instrument that has relative political autonomy is monetary policy. Central banks do not need to go to Congress to get approval for an interest rate hike. ~ Mohamed El-Erian

Household was making loans at a faster pace than ever. A big source of its growth had been the second mortgage. The document offered a fifteen-year, fixed-rate loan, but it was bizarrely disguised as a thirty-year loan. It took the stream of payments the homeowner would make to Household over fifteen years, spread it hypothetically over thirty years, and asked: If you were making the same dollar payments over thirty years that you are in fact making over fifteen, what would your "effective rate" of interest be? It was a weird, dishonest sales pitch. The borrower was told he had an "effective interest rate of 7 percent" when he was in fact paying something like 12.5 percent. "It was blatant fraud," said Eisman. "They were tricking their customers. ~ Michael Lewis

We need economic growth in Europe and we need to find a solution for the excessive interest rates that are making it difficult for many countries to get their own debt under control. ~ Martin Schulz

A lower interest rate doesn't make a debt go away. ~ Dave Ramsey

If the interest rate the country pays on its debt is higher than the growth of nominal GDP (that's real GDP plus inflation) that debt ratio automatically goes up - unless the government runs a surplus in the budget excluding interest. Conversely, when the interest rate a country pays on its debt is below its growth rate, the ratio automatically drops, unless there's a deficit in the budget, excluding interest. The latter scenario - having interest rates below the growth rate - is like having the wind at your back. And that's the situation Spain, Ireland and Portugal should all be in this year. Italy is close. ~ Anonymous

If you have loans, the first thing you want to do is say, Okay, look I have a credit card, if I really need to borrow, I have this emergency money that I can get, but for now there is no reason for me to keep cash at zero percent interest rate and at the same time, pay all of this money out. So, I think people need to figure out quickly how to pay loans and how much cash they should really keep. ~ Dan Ariely

To investors, job creation is a second-order effect. Market participants care first about interest rates, exchange rates, bond prices and the one great factor that affects all three: the long-term solvency of a bond company called the U.S. government. ~ Amity Shlaes

Italy may well be the main problem. It has benefited most from the euro by having been able to get the euro interest rate instead of what otherwise would have been its own. That would be much higher because Italy has been accumulating so much debt. In the past, Italy has inflated away its debt. The virtue of the euro is that Italy can't do it alone. A tight ECB policy wouldn't permit that to happen again. ~ Milton Friedman

There is a third silent party to all our bargains. The nature and soul of things takes on itself the guaranty of the fulfillment of every contract, so that honest service cannot come to loss. If you serve an ungrateful master, serve him the more. Put God in your debt. Every stroke shall be repaid. The longer the payment is withholden, the better for you; for compound interest on compound interest is the rate and usage of this exchequer. ~ Ralph Waldo Emerson

Vertical search engines that match your business, service or products with a target market offer you a higher conversion rate than traditional search engines. Because they have already qualified their interest by coming to a search engine with a specific focus, searchers will be more receptive to targeted advertising. ~ Marc Ostrofsky

There is an optimum rate of discounting the future - mathematically, an optimum interest rate - which depends on how long you expect to live, how likely you will get back what you saved, how long you can stretch out the value of a resource, and how much you would enjoy it at different points in your life (for example, when you're vigorous or frail). "Eat, drink, and be merry, for tomorrow we die" is a completely rational allocation if we are sure we are going to die tomorrow. What is not rational is to eat and drink as if there's no tomorrow when there really is a tomorrow. To be overly self-indulgent, to lack self-control, is to devalue our future selves too much, or equivalently, to demand too high an interest rate before we deprive our current selves for the benefit of our future selves. No plausible interest rate would make the pleasure in smoking for a twenty-year-old self outweigh the pain of cancer for her fifty-year-old self. ~ Steven Pinker

I've found that when you can quickly knock out debt you get motivated because you see progress. Then you attack the other debt so fast that even if it's at a higher interest rate, you don't end up paying much more because you've gotten rid of it. ~ Michelle Singletary

Interest-rate swaps are a tool used by big cities, major corporations and sovereign governments to manage their debt, and the scale of their use is almost unimaginably massive. It's about a $379 trillion market, meaning that any manipulation would affect a pile of assets about 100 times the size of the United States federal budget. ~ Matt Taibbi

I want to build a studio in my backyard. The interest rates are low now, so who knows. ~ Paul Taylor

When they so-called 'target the interest rate', what they're doing is controlling the money supply via the interest rate. The interest rate is only an intermediary instrument. ~ Milton Friedman

My grandma raised her eyes to the heavens, put her hand on her heart and sighed dramatically. "Dear God, one day let my family love me for my soul instead of my remarkably elegant possessions, my shoe box full of cash, and my outstanding high-interest-rate back account... ~ Emily Cassel

Our approach is to reject the old vicious circle of the '80s-rising debt, higher long-term interest rates, higher debt repayment costs, lower growth, higher unemployment, then enforced cuts in public spending. That was the old boom and bust. ~ Gordon Brown

The real challenge was to model all the interest rates simultaneously, so you could value something that depended not only on the three-month interest rate, but on other interest rates as well. ~ John Hull

The government can indefinitely control both short-term and long-term interest rates. ~ Seth Klarman

I think the concern over rising interest rates is ahead of itself because I think inflationary fears themselves might be premature, ~ Sung Won Sohn

The refunding of the national debt at a lower rate of interest should be accomplished without compelling the withdrawal of the national-bank notes, and thus disturbing the business of the country. ~ James A. Garfield

Never try to time the bond market. Anyone who claims to know the future of interest rates is certifiable. ~ Jane Bryant Quinn

This is from Elizabeth," it said. "She has sold Havenhurst." A pang of guilt and shock sent Ian to his feet as he read the rest of the note: "I am to tell you that this is payment in full, plus appropriate interest, for the emeralds she sold, which, she feels, rightfully belonged to you."
Swallowing audibly, Ian picked up the bank draft and the small scrap of paper with it. On it Elizabeth herself had shown her calculation of the interest due him for the exact number of days since she'd sold the gems, until the date of her bank draft a week ago.
His eyes ached with unshed tears while his shoulders began to rock with silent laughter-Elizabeth had paid him half a percent less than the usual interest rate.
Thirty minutes later Ian presented himself to Jordan's butler and asked to see Alexandra. She walked into the room with accusation and ire shooting from her blue eyes as she said scornfully, "I wondered if that note would bring you here. Do you have any notion how much Havenhurst means-meant-to her?"
"I'll get it back for her," he promised with a somber smile. "Where is she?"
Alexandra's mouth fell open at the tenderness in his eyes and voice.
"Where is she?" he repeated with calm determination.
"I cannot tell you," Alex said with a twinge of regret.
"You know I cannot. I gave my word."
"Would it have the slightest effect," Ian countered smoothly, "if I were to ask Jordan to exert his husbandly influence to persuade you to tell me a ~ Judith McNaught

I have long argued that paying down the national debt is beneficial for the economy: it keeps interest rates lower than they otherwise would be and frees savings to finance increases in the capital stock, thereby boosting productivity and real incomes. ~ Alan Greenspan

I don't have the time, the energy, or the interest to deal with your problems. ~ Tahereh Mafi

We must learn to think in terms of an articulated structure that can cope with a multiplicity of small-scale units. If economic thinking cannot grasp this it is useless. If it cannot get beyond its vast abstractions, the national income, the rate of growth, capital/output ratio, input-output analysis, labour mobility, capital accumulation; if it cannot get beyond all this and make contact with the human realities of poverty, frustration, alienation, despair, breakdown, crime, escapism, stress, congestion, ugliness and spiritual death, then let us scrap economics and start afresh. ~ Ernst F. Schumacher

Every discussion in a meeting has a diminishing curve of interest. The longer the discussion goes on, the fewer people will be interested in it. ~ Mark McCormack

You cannot be both fashionable and first-rate ~ Logan Pearsall Smith

During the Asian financial crisis the United States and other Western countries demanded that the Asians take three steps
let bad banks fail, keep spending under control, and keep interest rates high. In it own crisis, the West did exactly the opposite on all three fronts. ~ Fareed Zakaria

It's a tale of redemption. It's a tale of a girl who is going on a journey, who makes mistakes as most young people do ... the credit card companies love sending you credit cards so you exceed your limit and they can charge you interest. And this is a girl who overcomes her problems and figures a way out of her financial crisis, and hopefully the world will do the same thing. ~ Jerry Bruckheimer

Farmers since the beginning of time have been feeding the world very successfully without systematically abusing animals or destroying the environment. But we're breeding food that is less safe for us, it tastes much worse than it ever has in history, and it's wreaking havoc on the environment in a way that it never did in history before. All in the interest of it being cheap. ~ Jonathan Safran Foer

I say us - obviously I don't vote as I believe democracy is a pointless spectacle where we choose between two indistinguishable political parties, neither of whom represent the people but the interest of powerful business elites that run the world. ~ Russell Brand

No state of society or laws can render men so much alike but that education, fortune, and tastes will interpose some differences between them; and though different men may sometimes find it their interest to combine for the same purposes, they will never make it their pleasure. ~ Alexis De Tocqueville

I once told you that all actions have a cost, we simply must decide if they are worth paying. If you do not act in the best interest of your own happiness you will regret - and pay for it - for the rest of your life. ~ Kathryn Smith

On My Interest in Smoking Cigars You're not a cigar guy ... . Well, the first reason that jumps out at me is that you hold it like you're jerking off a mouse. ~ Justin Halpern

Glass ceilings
can't stop me.
Glass slippers
don't interest me.
Glass mirrors
don't define me.
I decide who I will
or I will not be.
And I choose to be
unbreakable
untakeable
unshakeable
me. ~ L.R. Knost

Toyin Falola has given us what is truly rare in modern African writing: a seriously funny, racy, irreverent package of memories, and full of the most wonderful pieces of poetry and ordinary information. It is a matter of some interest, that the only other volume A Mouth Sweeter Than Salt reminds one of is Ake, by Wole Soyinka. What is it about these Yorubas? ~ Ama Ata Aidoo

The arithmetic makes it plain that inflation is a far more devastating tax than anything that has been enacted by our legislature. The inflation tax has a fantastic ability to simply consume capital. It makes no difference to a widow with her saving in a 5 percent passbook account whether she pays 100 percent income tax on her interest income during a period of zero inflation, or pays no income taxes during years of 5 percent inflation. Either way, she is 'taxed' in a manner that leave her no real income whatsoever. Any money she spends comes right out of capital. She would find outrageous a 120 percent income tax, but doesn't seem to notice that 5 percent inflation is the economic equivalent. ~ Warren Buffett

In Formula One, the car can make a difference in a way that a driver cannot. Whereas Michael Schumacher and Ayrton Senna spent their early seasons in second-rate machinery, Hamilton walked into the equal best car on the grid. His first season none the less has, by any standards, been extraordinary. ~ Martin Jacques

I'd like to lose interest in myself ... ~ Don DeLillo

As a rule, I don't worry about genre. I just want to tell a good story, with characters that interest me and my readers. ~ Stephen King

It's like compound interest with a turbocharger. ~ Gary Keller

It's interesting when I jog, how much the music makes a difference. You can pretty much count on the Foo Fighters to get your heart rate up. ~ Sheryl Crow

As a matter of constitutional tradition, in the absence of evidence to the contrary, we presume that governmental regulation of the content of speech is more likely to interfere with the free exchange of ideas than to encourage it. The interest in encouraging freedom of expression in a democratic society outweighs any theoretical but unproven benefit of censorship. ~ John Paul Stevens

His chief interest was in reading fiction, then trying to analyze what he had read, fitting it into a larger pattern. ~ Stephen King

Our identities have no bodies, so, unlike you, we cannot obtain order by physical coercion. We believe that from ethics, enlightened self-interest, and the commonweal, our governance will emerge. ~ John Perry Barlow

The cook says, 'As a young lass, I thought nothing as important as the love of a brave and 'andsome man; now I'm an old crone, I know full well that it is, but only when he's moneyed enough to keep you. The young may think they can live on sweet embraces but they won't fill your belly – or not as you may be intending at any rate! ~ Emmanuelle De Maupassant

A formally recognized equality does, however, accord the smaller nations a position which they should be able to use increasingly in the interest of humanity as a whole and in the service of the ideal. ~ Hjalmar Branting

Child-rearing is my main interest now. I'm a hands-on father. ~ Sean Penn

We expect that 25 years from now, the use of racial preferences will no longer be necessary to further the interest approved today. ~ Sandra Day O'Connor