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Posted by on June 13, 2008, 5:28 pm
http://finance.yahoo.com/tech-ticker/article/27514/Wall-Street-and-Main-Street-In-the-Same-Boat-and-Sinking-Together?tickers=MER,C,GS,LEH,JPM,MS,BAC
Wall Street and Main Street: In the Same Boat and Sinking Together
Posted Jun 13, 2008 07:30am EDT by Aaron Task in Investing, Recession,
Banking
Related: MER, C, GS, LEH, JPM, MS, BAC
Once upon a time, what happened on Wall Street didn't matter much to
the folks on Main Street, and vice versa. But those days are long
gone, as I discuss in the accompanying video with Dennis Berman, The
WSJ's Global Deals Editor.
This decade, particularly, the U.S. economy has been driven largely by
debt financing. As a result, the Wall Street event known as the
"credit crunch" has had a definitive impact on U.S. consumers. In
turn, the constrained consumer is going to keep the downward pressure
on Wall Street firms, whose profitability is tied to the
securitization of loans, be they for homes, autos, boats, education,
etc.
In other words, we're all in this together, and a long way from the
bott
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