The End of Wall Street? Nah, It’s Just Flushing Away Its Detritus

I love Andy Kessler’s writing and highly recommend his book, The End of Medicine: How Silicon Valley (And Naked Mice) Will Reboot Your Doctor.

His no bullshit style shines through in his take on the current Wall Street situation:

So now Wall Street consolidates. Should you care? Not even for an instant. I spent 20+ years on Wall Street, competing against scores and scores of firms, always wondering what they all really did. E.F. Hutton. Shearson, Drexel. Heck, I even worked for PaineWebber in my early days (daze?) on the Street. All gone. And nobody misses them.

The true money-makers all find jobs elsewhere. The worker bees in the middle tier see disruption, but are eventually absorbed into the reconstructed Wall Street. The bottom tier goes to work at Foot Locker.

So no crocodile tears for Lehman or Bear Stearns or anyone else. It’s just a name on the door. Wall Street will soon (hurry up, dammit!) rid themselves of the mad-cow-infested subprime loans and won’t dabble in mortgages ever again or in five years, whichever comes first.

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