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Showing posts from December, 2013

Is Wall Street Really the Heart of Capitalism?

Is Wall Street Really the Heart of Capitalism? Blaming the wrong people for 2008 SEPTEMBER 24, 2013 by DOUGLAS FRENCH The other night I tuned into The Flaw, a 2011 documentary about the 2008 financial crash.
While telling the crash story, the movie flashes in and out of a street tour offered by an ex-mortgage bond trader. The young man has the required effervescence to keep a dozen tourists entertained while they look at nothing more interesting than office buildings. He cleverly lets members of his tour touch a toxic asset. Well, a page of the legal document of a collateralized debt obligation (CDO), anyway.

The camera pans to tourists taking pictures next to “Charging Bull,” the 7,100 lb. bronze sculpture closely associated with Wall Street. The guide starts his tour saying what has become a worn out cliché. “Welcome to Wall Street; this is the heart of American capitalism.”

But is Wall Street really the heart of capitalism?

If we understand capitalism as a social system of indi…