Wall Street Greed

What today's politician's term "Wall Street Greed" may indeed amount to nothing more than political scapegoating. But you probably knew that already...

While I'm not always 100% comfortable posting information from a democrat senator's website, I will, because I think it's important to look at both sides of the coin.

For an interesting primer from a democrat on the cause of the financial metldown, click here.  There seems to be some very pertinent information there.  One thing that is missing, however, from the timeline is what happened before April 2, 2007. 

For that you will need insight from my favorite economist: click here & definitely here.  If you want more, he's written lots of books, and there is a link to his columns in the menu to your right. 

I'm going to make this short, but I think that, philosophically speaking, this whole idea of blaming Wall Street for all the world's financial woes is misguided.  Wall Street is just like Main Street but bigger.  It's still just business and finance...but with more zeroes.  Not to mention the fact that Wall Street hires a lot of people!  And many of those people were Main Streeters at one time who moved up in their careers.  The fundamentals of running a business and working for a living still apply as much to Citi as they do Bill's Burger Barn.  Or at least they should.  In other words, could it be that the politicians that changed the rules for big corporations under the auspices of "protecting" Main Street were really just jacking with a free market they don't understand (or don't really care about) and introducing wormholes into the economy that sucked a lot of people in?  It's not that congress doesn't ever do anything right.  It's just that, they often seem to do too much.  It's like when you try to fix something that needs to heal on its own, like a scab.  You usually do more damage; there's more scarring when you pick at it.  As someone who works on Main Street, I have a problem blaming Wall Street for trying to make money under the rules it has been given?  Isn't that a lot like what we do on Main?