Here is an article by Michael Lewis. He has written many books including Moneyball and Liar's Poker. In this article ( which is very long) Michael goes over what Wall Street Insiders have been doing for years to ruin our economy. The Subprime Loan scandal seems to be much more thought out than I had ever expected. I really hope that we can recover from this. It makes me sick that this is what could caouse me to not be able to provide for my family. San Angelo's real estate market did not see the amount of subprimes that there were in other parts of the country, but we will feel the efffects. Read Away and tell me what you think! THE END by MICHAEL LEWIS

 

3 Comments on The Fall of Wall Street

NOV
19
2008
389,536 Points 2 Featured Posts Localism Sponsor Outside Blog

Interesting article and thanks for the blog. I worked for about 7 years on Wall Street. I do not think these guys are dead. They will just morph into another financial scheme of things

7:22am • #1
601,898 Points 80 Featured Posts Outside Blog

Interesting article, and for those of us that have worked on Wall Street at one time or another there are no surprises here.  I once trusted a bank advisor to set up a few accounts for me.  He did.  He quit the bank the next day,a nd my holdings dropped 45K.  It took 5 years to get it back.  I created my own portfolio and made 85K in one year.  Then I sold my holdings.  What many people will learn in life is that lazyness is never a reason to turn your mony over to someone else to invest for you.  You will be burned.  It is just a matter of time.

Now when you multiply this attitude to a Wall Street Firm, bank etc...watch out.  Money is made on stocks when they are bought and sold.

7:55am • #2
NOV
20
2008
165,196 Points 10 Featured Posts Outside Blog Hit Router

Ryan - I'm clicking over to the link right now to read the article...  I agree with Jim's comments above.

10:52am • #3

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Ryan Newlin

San Angelo, TX

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