What Good Is Wall Street?
These are the people that caused the Republicans to suspend the 2008 presidential campaign so everybody could return to Washington and authorize an emergency 1 trillion dollar government bailout for.
” many people i n the City and on Wall Street are the financial equivalent of slumlords or toll collectors in pin-striped suits. If they retired to their beach houses en masse, the rest of the economy would be fine, or perhaps even healthier.
Since 1980, according to the Bureau of Labor Statistics, the number of people employed in finance, broadly defined, has shot up from roughly five million to more than seven and a half million. During the same period, the profitability of the financial sector has increased greatly relative to other industries. Think of all the profits produced by businesses operating in the U.S. as a cake. Twenty-five years ago, the slice taken by financial firms was about a seventh of the whole. Last year, it was more than a quarter. (In 2006, at the peak of the boom, it was about a third.) In”
Read more http://www.newyorker.com/reporting/2010/11/29/101129fa_fact_cassidy#ixzz165VdYLYa
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