The traditional model of investment banking came under renewed threat Wednesday as Morgan Stanley and Goldman Sachs, the two remaining giants of this beleaguered Wall Street industry, suffered stunning losses only one day after they reported quarterly earnings that exceeded analysts' expectations.
The turmoil at the two vaunted institutions -- which only a year ago had the company of three other major investment banks -- follows an unprecedented week in American finance that has rattled investors, reshaped the landscape of the investment-banking business and raised questions about the viability of stand-alone brokerages
Here is a list of recent reckless financial events :
1) Technology bubble
2) Housing Bubble
3) Reckless Government Debt Spending
4) Oil Bubble / Commodity Bubble (some of this occured outside of this country)
Where were the voices of reason? The financial leadership in our county has shown its incompetence. It is a tragic period in our nation's financial history. It is d*mn scary.
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