Explaining the Downfall of Wall Street

Michael Lewis is the author of the non-fiction best selling book Liar's Poker in 1989 that strongly captured the culture and excesses of Wall Street and high stakes finance. The era in which Lewis described in his book continued until recently and only worsened tremendously. This article written by Lewis goes back to what Wall Street has been about over the last two plus decades and what happened to end the Era of Greed. He basically states that the years of chicanery, artifice, subterfuge, lies, deception, cheating, and fraud finally reached a breaking point. Years of blind faith on the part of all participants finally reached a breaking point as reality set in. And the consequences are grave and will continue to be for many if not most of us for a good bit of the foreseeable future.
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http://www.portfolio.com/news-markets/national-news/portfolio/2008/11/11/The-End-of-Wall-Streets-Boom?tid=true#page1
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