Bubblicious 0
At MarketWatch, David Weidner argues that Wall Street needs Mr. Bubble to be anything more than a dull place of business earning reasonable returns from good business practices (emphasis added).
That assessment would be wrong, however. The financial industry did what it could. Hey, if Goldman can’t turn in a big quarter with all of its influence, real or imagined, something must be amiss.
Something’s amiss. Without a bubble, Wall Street is a lackluster industry. Profitable? Yes. But its ability to turn in the kind of performance it regularly turned out in the 2000s, without hollow capital being created out of dead-on-arrival Internet start-ups or straight-to-default mortgages, is questionable at best.
Oh, horrors. They might have to work for those country club memberships.
