What Does Wall Street Do for You? (Harm IMHO) Perhaps the best way to really appreciate what Wall Street does is to imagine life without it.

What Does Wall Street Do for You?

Hating Wall Street is an American tradition that dates back even to the days when Thomas Jefferson cursed that money lover Alexander Hamilton. And for centuries, the complaints about it have largely stayed the same: It does nothing! It creates chaos! It’s a parasite that sucks hardworking Americans dry! (Or something to that effect.) But these are distortions of a fundamentally beneficial business. The country’s largest investment banks, commercial banks and a few big insurance companies (what we generally refer to as Wall Street) play the crucial role of intermediation — matching borrowers with lenders. Most of the time, the industry does this extremely well (though in the case of matching homeowners’ debt to the global financial system, too enthusiastically). Perhaps the best way to really appreciate what Wall Street does is to imagine life without it.

A list of life without Wall Street from the NY Times…

THE POOR WOULD STAY POOR

THERE WOULD BE NO MIDDLE CLASS

LOTS OF AWESOME THINGS WOULD NEVER HAPPEN

Check out the article in full here…

Read Naked Capitalism’s take on the story here…

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Comments
3 Responses to “What Does Wall Street Do for You? (Harm IMHO) Perhaps the best way to really appreciate what Wall Street does is to imagine life without it.”
  1. lvent says:

    Great explanation..easy to understand. This was an evil plan to steal everything from the people..the Nazis hiding behind the scenes of this using their puppets in Washington and at the federal reserve/treasury Dept as well as in the financial sector instituted a modern day Hitler plan…and they all need to be held accountable for treason…!

    • lvent says:

      What millions of Americans really need to understand is that this was financial crisis was manufactured. For the psychopaths trying to hide behind the scenes of all of the horror they intentionally created…..this was never about monetary gain. This elite globalist plan for global debt enslavement to the bankers debt has been in the works since the founding of America…they control by monopoly……and they could never have accomplished this without traitors from within…these greedy bastards own the fed, the banks, wall street….all of the multinational corps by proxy…and what they do not own they infiltrate with their secret society members like the CFR. the illuminati and other creepy organizations….they are the CIA and the SS..as well as the FBI…throw the traitors out…abolish the fed…break up their monopolies…restore the U.S. CONSTITUTION…..issue our own currency..

  2. Kathleen Burt says:

    Here’s a copy of my post at the NYT. There were some good ones already posted there.

    “I presume this is a humor piece, but I’m not laughing. People in IT did as recommended, they invested in the sector they “knew,” and lost most of their 401(k) funds in the dot.com bust. Many then decided to invest in property, because they considered it a more secure place to put their money. We all know what happened next. After the revocation of Glass Steagall, their mortgages were bundled, bought and sold all over the world. The banks came up with brilliant products like subprime loans and ARMS and paid brokers huge bonuses for cold calling, e-mailing, and direct mailing everyone during the Boom. Thank you Wall Street, for systematically destroying the middle class. I’m so glad you exist!”

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