It's the end of an era for Wall Street

It's the end of an era for Wall Street

There are 3 comments on the LA Daily News story from Dec 7, 2008, titled It's the end of an era for Wall Street. In it, LA Daily News reports that:

For the hundreds of camera-toting tourists who visit Wall Street every day, the New York Stock Exchange presents an imposing sight.

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Jim Bob

United States

#1 Dec 7, 2008
"Last year, 11 percent of the city's employees worked in the finance and insurance industries, but they made nearly 40 percent of the city's income."

Ya think this might be a part of the problem?(sarcasm) How is it justified for these stock brokers to have such a high income while so many investors (you and me) lose their money or make 3% on an investment....ridiculous.
kma

Chino Hills, CA

#2 Dec 8, 2008
Jim Bob wrote:
"Last year, 11 percent of the city's employees worked in the finance and insurance industries, but they made nearly 40 percent of the city's income."
Ya think this might be a part of the problem?(sarcasm) How is it justified for these stock brokers to have such a high income while so many investors (you and me) lose their money or make 3% on an investment....ridiculous.
In re your first question, statistics like this are meant to inflame people like you. Consider this, the other 89% who make only 60% of the income are flunkies who drive taxis, operate cash registers, spray perfume on someone walking thru a store, etc. So, unless you're a Socliast Dummycrat who supports the UAW you have to agree that people who have gone to school to actually make financial decisions should be paid more.

Second, your 3% is made probably on a fund of some sort that is making a lot more money by following the decisions made by the top traders on Wall Street. Blame you fund controller, not the guys who really do the risk taking! Again, unless you are a Socialist Dummycrat who believes that everyone should get a piece of the pie that the top people bake!
kma

Chino Hills, CA

#3 Dec 8, 2008
Jim Bob, I am sorry - I didn't see your name before I responded. Obviously you are a Southern hick who didn't pass high school economics, or didn't even take it.

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