The End (of Wall Street)

Written by the same bloke who penned Lair's Polker and explains a very great deal about how the world has come to the current financial crisis.

No grand macro economics, no great theory, just the end result of greed, arrogance, stupidity and bullsh1t. Starts well:

"To this day, the willingness of a Wall Street investment bank to pay me hundreds of thousands of dollars to dispense investment advice to grownups remains a mystery to me. I was 24 years old, with no experience of, or particular interest in, guessing which stocks and bonds would rise and which would fall. The essential function of Wall Street is to allocate capital—to decide who should get it and who should not. Believe me when I tell you that I hadn’t the first clue. "
Ah, but!... market mechanisms... only rational way... human nature... self-correcting... damned Communists...
interesting but not surprising read.

Im not sure it is the end of wall street, just an end of this phase, things will develop and the same mistakes will be made again.

This bust is panning out in precisely the same way as 1929, so expect a short recovery in the new year, and as people become confidant, the real bust will strike. as happened in early 1930 after the Gobment took precisely the same steps Broon has just taken.
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