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End of an Era on Wall Street - New York Times
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This Link is located in the Public Channel Housing Bubble and Bear Links.
Posted by ian 45 days ago (www.nytimes.com). Views: 53
Tags: wall street housing bubble credit crisis |
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Mr. Poulakakos, 70, has also seen his share of ups and downs on the Street, including the 1987 stock market crash, when Harry’s filled up at 4 p.m. and stayed open all night. But the upheaval he’s witnessing now — much of Wall Street evaporating in a swift and brutal reordering — is, he said, the worst in decades.
“I hope this is going to be over,” he said. “If Wall Street is not active, nothing is active.”
Mr. Poulakakos, rest assured, isn’t planning to disappear. But the cultural tableau and the social swirl that once surrounded Harry’s are certainly fading.
“It’s the beginning of the end of the era of infatuation with the free market,” said Steve Fraser, author of “Wall Street: America’s Dream Palace,” and a historian. “It’s the end of the era where Wall Street carries high degrees of power and prestige. And it’s the end of the era of conspicuous displays of wealth. We are entering a new chapter in our history.”
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