On Sunday, the Federal Reserve quietly announced the conversion of Morgan Stanley and Goldman Sachs to bank holding companies. They’d previously been the last two independent investment banks in the country.
This means these companies are now subject to far stricter federal oversight.
The Wall Street Journal says the move will “effectively mark the end of Wall Street as it has been known for decades.”
But, ya know, hopefully it also means the US economy won’t completely collapse, at least not this week.
Time to start looking into EU citizenship…
My Grandmother (b. 1912) said the news was starting to remind her of 1929.
On a lighter note, I like the Wall Street clip art, Ms. Beet.
D’ya think they might make a little monument to mark the date somewhere in down-town Manhattan – maybe a eunuch wearing a big gold chains around his neck?
I wonder if champions of deregulation and ubercapitalism will now admit they were wrong. Probably not.
Ok, I kinda get covering presidential candidates because, at the moment, they’re sorta celebrities.. but I have no fucking clue why banking news is relevant here.
if it’s your blog, write what you want!
I talk to my friends about the whole “we’re falling into a depression” thing
no one sees it as a big of a deal as I do
I guess already having the previously-depression-ending institutions in place already make it seem less bad than it could be, but still, i’ll be spending less just in case
@Klipper Because it is the most relevant thing going on right now. You should be informed and aware.
Thanks Beet, I hadn’t seen this tidbit of news yet and I’ve been following this closely all week.
You know, I actually like the fact that you talk about shit like this. It’s not that I’m dumb, I just have such a hard fucking time understanding politics and “real world” news sometimes, it’s nice to get such a nice mix of reality and reality TV..it makes everything balance out. :)
I love how I get all of my most important economic news from you Beet. It saves me having to bother to read the whole articles somewhere else.
I love the Yahoo!-main-page-article-esque picture, Beet.
The crash is still in site as long as this country continues to fight a rich man’s war in the middle east.
@next president: pull out if the mid east. apologize on your way out and ask for some oil
well, we saw it all coming when diddy sold his jet and started flying commercial. be prepared to eat your dogs and cats soon.
We were a bit disorientated when we got there as we didn’t really know where the Wall Street clip art was. We didn’t make it inside the whole articles only into the Wall Street clip art but that was spectacular enough as it was. I honestly have the whole how we did it, but we made it work.