Posted by nonanswers on November 15, 2008
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.
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 hadn’t the first clue.
I’d 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 people’s money, would be expelled from finance.
Posted in Economy | Tagged: subprime, wall Street | Leave a Comment »
Posted by nonanswers on September 24, 2008
Economics and Annoying Smart Guys
America, Its time to pick the nerd for President.
Posted in Comedy, Economy, Election 2008, Politics | Tagged: Funny, illdoctrine, Obama | 1 Comment »
Posted by nonanswers on September 16, 2008
Barack Obama on Confronting the Economic Crisis-
Barack gave a speech detailing his plans for repairing America’s struggling economy in Golden, CO on September 16th, 2008.
Also more on Obama’s Economic Policy by NYTimes. It’s a comprehensive look at his economic philosophy.
How Obama Reconciles Dueling Views on Economy
I recommend both.
Posted in Economy, Election 2008, Politics | Tagged: Economy, Obama | Leave a Comment »
Posted by nonanswers on August 27, 2008
Obama and McCain’s tax cuts compared. Don’t let “pundits” and false ads get away with the lie that Obama is increasing taxes for middle class whereas McCain is giving tax breaks. It’s actually the opposite according to this chart from washingtonpost.com
Posted in Economy, Election 2008, Politics | Tagged: Economy, McCain, Obama, Tax | Leave a Comment »