Why Wall Street Matters by William D. Cohan

By William D. Cohan

A well timed, counterintuitive safeguard of Wall road and the massive banks because the invisible—albeit flawed—engines that strength our rules, and will be made to paintings higher for all of us

possibly you think that the banks could be damaged up and the bankers will be held responsible for the monetary obstacle in 2008. might be you hate the greed of Wall road yet comprehend that it’s very important to the right kind functioning of the realm financial system. possibly you don’t rather comprehend Wall road, and words akin to “credit default switch” make your eyes glaze over. probably you're totally harassed through the truth that after attacking Wall road mercilessly in the course of his crusade, Donald Trump has surrounded himself with Wall road veterans. but when you love your clever mobilephone or your widescreen television, your vehicle or your morning bacon, your pension or your 401(k), then—whether you recognize it or not—you are keen on Wall Street.

William D. Cohan is not any knee-jerk suggest for Wall road and the massive banks. He’s one among America’s Most worthy monetary newshounds and the revolutionary bestselling writer of House of Cards. He has lengthy been serious of the undesirable habit that plagued a lot of Wall road within the years best as much as the 2008 monetary situation, and since he spent seventeen years as an funding banker on Wall highway, he's a professional on its internal workings as well.

yet in recent times he’s turn into alarmed via the inexpensive pictures and ceaseless vitriol directed at Wall Street’s bankers, investors, and executives—the humans whose activity it really is to supply capital to people who desire it, the grease that retains our economic system buzzing. during this brisk, no-nonsense narrative, Cohan reminds us of the good those associations do—and the dire results for us all if the basic function they play in making our lives higher is carelessly curtailed.

Praise for William D. Cohan

“Cohan writes with an insider’s wisdom of the workings of Wall road, a reporter’s investigative instincts and a average storyteller’s narrative command.”—The big apple Times

“[Cohan is] considered one of our such a lot capable monetary journalists.”—Los Angeles Times

“A former Wall road guy and a skilled author, [Cohan] has the infrequent reward not just of knowing the fiendishly advanced goings-on, but additionally of having the ability to give an explanation for them in phrases the lay reader can grasp.”The Observer (London)

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Extra info for Why Wall Street Matters

Sample text

Directly across from City Hall, on Broad Street, lay the stockade, meant to be a living, breathing symbol to the colonists of the fate that awaited bad behavior. In short order, as incredible as this may seem today, Wall Street also became a center of revolutionary fervor. ” Wall Street was where, in 1765, the so-called Stamp Act Congress convened to vigorously—and successfully—oppose the British imposition of a stamp tax on New Yorkers. It was where Paul Revere arrived in May 1774 to announce the first stirrings of the American Revolution.

There are apartments for rent or sale at 37 Wall Street, at 63 Wall Street, at 75 Wall Street, at 95 Wall Street, and at 101 Wall Street. But Wall Street remains a powerful symbol of American capitalism. Since September 11, cars are no longer permitted on Wall Street, and there are huge steel plates embedded into the road that are operated by motors that make sure that no unwanted vehicle ever again gets anywhere near the street or any of its historic buildings. The New York Stock Exchange, at the corner of Wall and Broad Streets, once the very embodiment of Wall Street, is mostly just a television backdrop for the business cable networks, such as Bloomberg, CNBC, and Fox Business, that use it as a set for their continuous coverage of the financial markets.

Maybe we can define what we mean by Wall Street, but even if we do, how should we feel about it? Should we be angry that Wall Street seems to be nothing more than a festering, open wound of rampant self-interest and malfeasance? Or should we be happy that Wall Street has become a convenient metaphor that politicians use to park blame for every bad economic thing that has befallen the country in recent years? Or could it be that Wall Street is something altogether very different? Is Wall Street the left ventricle of capitalism, the brilliantly designed engine that powers innovation, job growth, and wealth creation and that has become the most sustained way by which billions of people the world over have been lifted out of poverty and given a chance at a better, more economically fulfilling life?

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