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Blog Posted in avatar   Jonathan Farrell's Blog

Roger Lowenstein's book "The End of Wall Street" gets me upset.

By Jonathan Farrell
Posted Apr 11, 2011 in Business
Business and finances are not easy subjects for me. I was always poor at math. Yet I found Roger Lowenstein's book "The End of Wall Street" to be a very interesting and an important book to read.
In fact, I think it is important to read as much as one can on the subject of the economic recession. It will help us as a nation to wake up to the reality that our prosperity and finances are not always certain and entitled.
What really upsets me while reading Lowenstein's book is the detailed explanations of how finance giants like Lehman Brothers made big mistakes.
As a financial journalist who worked for the Wall Street Journal, and the New York Times among others, Lowenstein has written other books about American finance industry.
He illustrates how Lehman and others in the prominent Wall Street circles relied too much on reputation. Sort of resting on their laurels one might say, and a bit too heavy at that.
Lowenstein provides insight to help demystify the privileged aspects of Wall Street and the American financial set.
It upsets me to know that such trusted and long-establish financial institutions ignored the warning signals and were too-shortsighted to help safeguard the public whom they are licensed to serve.
When I get my bank statements and I see that my bank is adding more fees to already limited services it makes me want to scream.
True, banks and other financial institutions should receive some sort of fee for their services. Yet when those fees keep adding up, like taxes, it has an impact upon the people. Lowenstein's book really calls into question our nation's entire system of finance.
And at least for me, it has me thinking a bit more about where the future of our nation is going in terms of money and finance.
"The End of Wall Street" by Roger Lowenstein is published by The Penguin Press, New York, (2010).

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