This story from CNN shows just what denail the United States is in when it comes to Wall Street, financial services, money and reputation.
According to the story, it seems that confidence in Wall Street is ‘on the line’. Which line would that be?
Perhaps it is the final line that an economy will not cross after being corrupted by personal and corporate greed, it has blown up it’s own residential property market, financial services and investment banking industries, borrowed trillions that it can never repay to the rest of the world, failed to regulate and govern and done it’s best to export this ‘business, economic and political model’ to the rest of the world!
Whew! Thank goodness there is a line after all…
When considering words like Enron, Madoff, WorldCom, Andersen, ratings agencies, NINJA loans, Bear Stearns, LTCM, Amaranth, financial crisis, bail out, unfunded liabilities, dollar weakness and many many more that your author cannot be bothered to list, there remains just two questions of interest:
1) Is there anywhere left in the world other than Wall Street where confidence remains in Wall Street?
2) How much of your pension fund, college fund for your kids education or investments in general that you own, are responsible for and can control, do you still have invested in the US dollar or United States?
I bet that feels like too much right now…