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View Full Version : The End

BuyOnDips
11-12-2008, 09:37 AM
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.

http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom
Horsefish
11-12-2008, 11:49 AM
Great read. Thanks. Makes you wonder why more people "in the know" were not able to profit from this crisis.
Horsefish
11-12-2008, 04:46 PM
The more that I think about that article, the more I realize that Hank Paulson must have known what was coming. He must have realized that the situation he helped to create was about to blow up. I am thinking that he accepted the job of Treasury Secretary in order to save his reputation and try to become part of the solution instead of being remembered as part of the problem. That was a brilliant move.
JV_Picker
11-13-2008, 01:21 AM
The more that I think about that article, the more I realize that Hank Paulson must have known what was coming. (...) I am thinking that he accepted the job of Treasury Secretary in order to save his reputation and try to become part of the solution instead of being remembered as part of the problem. That was a brilliant move.

Well, he's dynamically changing the focus of the TARP funds from propping up bad assets to supporting bad banks. I can't see any good coming out of the situation, either for me, my retirement fund, nor my wallet in the near future. Fortunately, this is (hopefully! hopefully! hopefully!) the last destructive thing that this particular government regime can inflict on the American public. (The clean-up will probably be as horrendous. I'm not dismissing that.)

11/12's Marketplace show (http://marketplace.publicradio.org/display/web/2008/11/12/paulson_q/) talked about the situation. Marketplace is a great source that can be used to understand the markets. I listen to the show almost daily and on the weekends.
0ICU812
11-13-2008, 11:06 AM
"Fortunately, this is (hopefully! hopefully! hopefully!) the last destructive thing that this particular government regime can inflict on the American public."


This is perhaps true, but the Govm't is still Govm't and all I see ahead is inflation, recession/depression, and loss of pre-emminence of the USA. We have spent our way into this situation.