Wall Street

This article in the New York Times raises a good question - does Wall Street do anything worthwhile? I've become convinced that the answer is no. Nothing productive goes on there. The financial sector has become too big. It is eating up too much of our national wealth in non-productive, even destructive activity. As Paul Woolly of the London School of Economics says, "It is like a cancer that is growing to infinite size, until it takes over the entire body."

Bank of America going down?

Bank of America is looking pretty shaky. I wonder if a BAC collapse will precipitate an overall collapse in the market and the economy. I've been waiting for such a collapse for a while. It hasn't happened yet but we'll see.