›

The End of Wall Street's Boom

Lake Hills RenterLake Hills Renter
edited November 2008 in The Economy
This is a fantastic article, at least for a financial layman like me. I think I finally understand how CDOs work, and I'm just as appalled and amazed as the author.

The End of Wall Street's Boom
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.

Comments

  • snigletsniglet
    The Michael Lewis story is interesting, but I think it only covers part of the picture. Sure, Wall Street lost all sense of reality and morals. However, I think this is really a story about how our entire society went off the rails. Everyone was caught up in the get-rich-quick idea, and the theory that real-estate never goes down.

    Heck, a colleague in the office next to me was just telling me (this morning, November 12th, in fact) that I was an idiot for selling my Bellevue home back in 2003 due to my concern of the real-estate market. Look at all that appreciation I walked away from... I didn't have the heart to tell her I still believe that Bellevue average prices will drop well below the 2003 values (more than 80% off of 2007 peak is my prediction).

    This depression is going to cause everyone to re-think just what "normal" is, and become far more conservative in investing, consumption, and financial decisions.
Sign In or Register to comment.