Want to know WHY Wall Street is failing? Read this:

[bertman]

http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom

Straightforward, interesting, enlightening, mind-blowing. Costs you nothing but a few minutes.

[amdezurik]

1. yep, having worked as a tech in some place similar

I can say right now, most of the "traders" places like BofA and Wells uses are not particularly well-informed. Once they start their interests become how to generate sales and little or no thought beyond the next one experienced or encouraged.

[malaise]

2. I read it already

Excellent article.

[Warpy]

3. K&R

and please consider posting this in the Economy forum. This is the kind of thing everybody needs to read.

Don't let the 9 pages scare you. He's an entertaining writer even as he's scaring the hell out of you. You'll zip right through.

[BrklynLiberal]

4. I will have to get back to this and finish it...Fascinating article.

Thanks for posting.

[The Backlash Cometh]

5. It took more than a few minutes, but it was the best historical analysis

I've read about the Wall Street situation, though I didn't understand all of it. If someone can explain page 7, I'd appreciate it. I still don't know how betting short was used by the companies to get more money.

And this is a good quote: '“When things go wrong, it’s their problem,” he said—and obviously not theirs alone. When a Wall Street investment bank screwed up badly enough, its risks became the problem of the U.S. government. “It’s laissez-faire until you get in deep shit,” he said, with a half chuckle. He was out of the game.'

They knew. The Wall Street CEO knew that the government would bail them out. And if they know it, then there is no free market because they lose their fear of taking risks.