Monday, May 4, 2009

Wall Street, R.I.P.: The End of an Era, Everywhere except Ottawa, whose politicians are still in the pockets of Bay Street

Wall Street, R.I.P.: The End of an Era, Even at Goldman

New York Times

WALL STREET. Two simple words that — like Hollywood and Washington — conjure a world.

A world of big egos. A world where people love to roll the dice with borrowed money. A world of tightwire trading, propelled by computers.

In search of ever-higher returns — and larger yachts, faster cars and pricier art collections for their top executives — Wall Street firms bulked up their trading desks and hired pointy-headed quantum physicists to develop foolproof programs.

Hedge funds placed markers on red (the Danish krone goes up) or black (the G.D.P. of Thailand falls). And private equity firms amassed giant funds and went on a shopping spree, snapping up companies as if they were second wives buying Jimmy Choo shoes on sale.

Kephalos has left a new comment on your post "Is Jack Layton leader enough to speak Truth to Power, as in Power Corporation?

There is a huge need for Canadians to save more for retirement. If you do not work for government or a big corporation and/or have a union, you're probably not going to save enough for retirement.

The sad thing is that in the New Age of Harder Canada 50% of Canadians will retire with little or no savings. Some will sell their homes for 40 cents on the dollar. Many seniors will live in elder poverty.

Does any major political brand care about this problem? I don't think so.

Posted by Kephalos to C A I T I - O N L I N E at May 4, 2009 9:25 AM

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