The End of Wall Street's Boom
The era that defined Wall Street is finally, officially over. Michael Lewis, who chronicled its excess in Liar’s Poker, returns to his old haunt to figure out what went wrong.
... I had been waiting for the end of Wall Street. The outrageous bonuses, the slender returns to shareholders, the never-ending scandals, the bursting of the internet bubble, the crisis following the collapse of Long-Term Capital Management: Over and over again, the big Wall Street investment banks would be, in some narrow way, discredited. Yet they just kept on growing, along with the sums of money that they doled out to 26-year-olds to perform tasks of ... Full Story »
Posted by Kaizar Campwala
After reading this article, what is going on with the bailout--or more accurately, what is not going on--is suddenly revealed. What bothers me is that the depression didn't suddenly happen with the crash in 1929. It took several years for the depression to really get bad. I was born during the middle of the depression, I don't want to relive history.