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
Learning the difference between a healthy, sustainable economic expansion and a bubble seems to be something the world's No. 1 capitalist nation doesn't seem able, or willing, to do.