Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Wall Street is back
The Economist ^ | May 11, 2013

Posted on 05/13/2013 10:11:18 AM PDT by 1rudeboy

American investment banks dominate global finance once more. That’s not necessarily good for America

FOR a few tense weeks in 2008, as investment-bank executives huddled behind the imposing doors of the New York Federal Reserve, Wall Street seemed to be collapsing around them. Lehman Brothers filed for bankruptcy, Merrill Lynch collapsed into the arms of Bank of America. American International Group (AIG) and Citigroup had to be bailed out and the rot seemed to be spreading. Hank Paulson, the treasury secretary at the time, recalled in his memoir that: “Lose Morgan Stanley and Goldman Sachs would be next in line—if they fell the financial system might vaporise.”

Across the Atlantic, European politicians saw this as the timely comeuppance of American capitalism. Angela Merkel, Germany’s chancellor, blamed her peers in Washington for not having regulated banks and hedge funds more rigorously. European banks saw the crisis as their chance to get one up on the American banks that had long dominated international finance. Barclays quickly pounced on the carcass of Lehman Brothers, buying its American operations in what Bob Diamond, the head of its investment bank at the time, called “an incredible opportunity” to gain entry to the American market. Deutsche Bank, a German giant, also expanded to take market share from American rivals. The dominance that American firms had long exerted over global capital markets seemed to have come to an abrupt end.

Almost five years on it is Europe’s banks that are on their knees and Wall Street that is resurgent.

(Excerpt) Read more at economist.com ...


TOPICS: Business/Economy; Editorial; Foreign Affairs; Government
KEYWORDS: bho44; bhodjia; bhoeconomy; wallstreet
Navigation: use the links below to view more comments.
first 1-2021-4041-60 next last

1 posted on 05/13/2013 10:11:18 AM PDT by 1rudeboy
[ Post Reply | Private Reply | View Replies]

To: 1rudeboy

A “resurgent Wall Street”, hm?

The question is, how does The Street lure back the small investors? Because they sure ain’t buying stocks like they used to!


2 posted on 05/13/2013 10:13:52 AM PDT by SatinDoll (NATURAL BORN CITZEN: BORN IN THE USA OF CITIZEN PARENTS.)
[ Post Reply | Private Reply | To 1 | View Replies]

Comment #3 Removed by Moderator

To: 1rudeboy

Should this be titled “Wall Street is Back”, or “Big Daddy Government is Now Sleeping on the Couch!”


4 posted on 05/13/2013 10:17:06 AM PDT by DoughtyOne (Leftist, Progressive, Socialist, Communist, fundamentalist Islamic policies, the death of a nation.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy
Wall Street is not "back". I've been saying get out for months now...

What's your exit strategy?

5 posted on 05/13/2013 10:26:03 AM PDT by BreezyDog (Illegitimi non carborundum)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BreezyDog

“Wall Street,” in the context of this column, means “investment banking.” It’s a little surprising that few people get it.


6 posted on 05/13/2013 10:28:56 AM PDT by 1rudeboy
[ Post Reply | Private Reply | To 5 | View Replies]

To: 1rudeboy

It’s amazing what $20 trillion or so in taxpayer money can do.


7 posted on 05/13/2013 10:29:59 AM PDT by Wolfie
[ Post Reply | Private Reply | To 1 | View Replies]

To: Wolfie

$20 trillion? Wow, talk about inflation.


8 posted on 05/13/2013 10:31:51 AM PDT by 1rudeboy
[ Post Reply | Private Reply | To 7 | View Replies]

To: DoughtyOne

” Should this be titled “Wall Street is Back”, or “Big Daddy Government is Now Sleeping on the Couch!””

Goldman Sachs i.e. The White House, is doing fine, so all is well : )


9 posted on 05/13/2013 10:35:45 AM PDT by stephenjohnbanker
[ Post Reply | Private Reply | To 4 | View Replies]

To: 1rudeboy

Watch this video-”electronic run on the banks”-Kanjorski-2009.

https://www.youtube.com/watch?v=pD8viQ_DhS4

At about the 2:15 point in the video, Kanjorski talks about a “tremendous draw-down of money market accounts”-550 BILLION dollars, in less than an hour.

Remember when Hussein and McCain came back from the campaign trail when this happened?

Pres. Bush looked scared to death, McCain looked very concerned, and Hussein looked bored. (thanks, soros-fool us once...)

Someone is trying to bait the little guy back into the market—NONE for me!


10 posted on 05/13/2013 10:38:39 AM PDT by Mortrey (Impeach President Soros)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy
A blast from the past.


11 posted on 05/13/2013 10:44:24 AM PDT by Ruy Dias de Bivar (When someone burns a cross on your lawn, the best firehose is an AK-47.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy

Sell! Sell! Sell!


12 posted on 05/13/2013 10:45:25 AM PDT by E. Pluribus Unum (Islam is a religion of peace, and Moslems reserve the right to detonate anyone who says otherwise.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: stephenjohnbanker

We do want big players to be healthy, but we don’t want it at the expense of the average Joe. And as for as U. S. Government investments in Wall Street, hell no.


13 posted on 05/13/2013 11:21:58 AM PDT by DoughtyOne (Leftist, Progressive, Socialist, Communist, fundamentalist Islamic policies, the death of a nation.)
[ Post Reply | Private Reply | To 9 | View Replies]

To: 1rudeboy

Wall Street is back? Did it bring back my money?


14 posted on 05/13/2013 12:02:33 PM PDT by ozzymandus
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy

15 posted on 05/13/2013 12:04:11 PM PDT by CodeToad (Liberals are bloodsucking ticks. We need to light the matchstick to burn them off. -786 +969)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 1rudeboy
A few decades ago I used to read the Economist cover to cover but for years now I just roll my eyes any time someone quotes the rag. 

This whole idea of an 'investment banker' on 'Wall St' is a crock.    In real life the term 'investment banker' can refer to anyone working in the capital markets, but in the Economist/loony-left/Obamafaction world it's the evil exploiting pin stripe capitalist yadda yadda.  Even the idea of a Wall St. is bogus.   OK, so maybe 50 years ago something actually physically happened there but capital markets have long since gone electronic; even the NYC financial offices have moved uptown.   All that's left on south Manhattan is the image:


16 posted on 05/13/2013 12:40:44 PM PDT by expat_panama
[ Post Reply | Private Reply | To 1 | View Replies]

To: F15Eagle
With The Fed buying a half-a-trillion dollars every year in toxic debt

What toxic debt?

17 posted on 05/13/2013 2:46:43 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: Wolfie

Taxpayer money? Where?


18 posted on 05/13/2013 2:47:36 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Mortrey
At about the 2:15 point in the video, Kanjorski talks about a “tremendous draw-down of money market accounts”-550 BILLION dollars, in less than an hour.

That was funny. And inaccurate.

19 posted on 05/13/2013 2:49:31 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
[ Post Reply | Private Reply | To 10 | View Replies]

To: expat_panama

The Economist was always squishy. In the recent past, it has become more so. I agree. I still look in on it now and then.


20 posted on 05/13/2013 3:45:29 PM PDT by 1rudeboy
[ Post Reply | Private Reply | To 16 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-60 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson