[BretLudwig]

The End of Wall Street?


((It's not every day the dyspeptic Linder puts stuff by the Conde
Nasties-those human tampons dealing with the Manhattan menarche. USUAL
DISCLAIMERS APPLY.

http://www.vanguardnewsnetwork.com/?p=3350#comments

--Bret--

Posted by Socrates in Wall Street, Big Finance, jewed finance, money,
Federal Reserve system, jewed culture, jew financial crimes, Socrates,
economy at 7:22 pm | Permanent Link

America doesnt need Wall Street. So it allows our economy to grow
faster by allowing companies to grow faster - so what? Who cares? Why does
our economy need to grow fast? Wall Street can also hurt our economy, as we
see now and as we saw back in 1929 [1]. Pension plans are tied to the stock
market, which seems really insane. Wall Street automatically favors the
natural talent of the Jew for making lots of money. If a gentile can make
$50,000 on Wall Street, a Jew can make $10 million. So why empower Gods
Pets with something that we dont even need?

[Article].

[1] Jewish banker Bernanke on the cause of the 1929 stock market crash:
[Here]))







The End
by Michael Lewis Nov 11 2008
The era that defined Wall Street is finally, officially over. Michael
Lewis, who chronicled its excess in Liars Poker, returns to his old
haunt to figure out what went wrong.


"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 hadnt the first clue.

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Id never taken an accounting course, never run a business, never even
had savings of my own to manage. I stumbled into a job at Salomon Brothers
in 1985 and stumbled out much richer three years later, and even though I
wrote a book about the experience, the whole thing still strikes me as
preposterous€”which is one of the reasons the money was so easy to walk
away from. I figured the situation was unsustainable. Sooner rather than
later, someone was going to identify me, along with a lot of people more
or less like me, as a fraud. Sooner rather than later, there would come a
Great Reckoning when Wall Street would wake up and hundreds if not
thousands of young people like me, who had no business making huge bets
with other peoples money, would be expelled from finance.

When I sat down to write my account of the experience in 1989€”Liars
Poker, it was called€”it was in the spirit of a young man who thought he
was getting out while the getting was good. I was merely scribbling down a
message on my way out and stuffing it into a bottle for those who would
pass through these parts in the far distant future.

Unless some insider got all of this down on paper, I figured, no future
human would believe that it happened.

I thought I was writing a period piece about the 1980s in America. Not for
a moment did I suspect that the financial 1980s would last two full decades
longer or that the difference in degree between Wall Street and ordinary
life would swell into a difference in kind. I expected readers of the
future to be outraged that back in 1986, the C.E.O. of Salomon Brothers,
John Gutfreund, was paid $3.1 million; I expected them to gape in horror
when I reported that one of our traders, Howie Rubin, had moved to Merrill
Lynch, where he lost $250 million; I assumed theyd be shocked to learn
that a Wall Street C.E.O. had only the vaguest idea of the risks his
traders were running. What I didnt expect was that any future reader
would look on my experience and say, €œHow quaint.€�

I had no great agenda, apart from telling what I took to be a remarkable
tale, but if you got a few drinks in me and then asked what effect I
thought my book would have on the world, I might have said something like,
€œI hope that college students trying to figure out what to do with their
lives will read it and decide that its silly to phony it up and abandon
their passions to become financiers.€� I hoped that some bright kid at,
say, Ohio State University who really wanted to be an oceanographer would
read my book, spurn the offer from Morgan Stanley, and set out to sea.

Somehow that message failed to come across. Six months after Liars
Poker was published, I was knee-deep in letters from students at Ohio
State who wanted to know if I had any other secrets to share about Wall
Street. Theyd read my book as a how-to manual.

In the two decades since then, 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 no obvious social
utility. The rebellion by American youth against the money culture never
happened. Why bother to overturn your parents world when you can buy
it, slice it up into tranches, and sell off the pieces?"

Continued-1 of 9-

http://www.portfolio.com/news-market...ets-Boom#page1



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