Wall Street: Doom and Gloom After No-Good, Very-Bad Year
By Sam GustinHow bad has the mood gotten on Wall Street? Judging by anarticlein the new issue ofNew Yorkmagazine, the answer is bleak indeed. Even as the broader economy showssigns of improving, Wall Street is coming off a year in which earnings — and the all-important bonuses dependent on them — were down sharply. Some 200,000 financial-sector workers lost their jobs. Public outrage against the big banks remains high and the Dodd-Frank financial reform bill has already curtailed some of Wall Street’s more aggressive practices — and it hasn’t even been fully implemented yet. In short, bankers and traders now face a significantly-altered landscape, and they’re not happy about it
Comment: The first most powerful source behind of Wall Street's decline is demography. The second most powerful reason of Wall Street's decline is that the Wall Street model has come to an end, because stock market capitalism has led to the erosion of personal ownership and thereby has opened up the box for the self-service of the executive class who plunder the companies at broad daylight with no owners around to watch.