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Q: What made Wall Street implode? A: They were making too much money to stop

April 2009

Did you have a piggy bank when you were a child? Mine was a cheery, round pig--made of brown pottery, as I recall. For parents of that time, having their children feed pennies, nickels, and the occasional dime into these toy banks was a sweet lesson in frugality--a Kodak moment for many families.

Today, though, the term "piggy bank" has a wholly different connotation. America's leaders are stuffing trillions of our tax dollars into such voracious Wall Street piggies as Bank of America, Citigroup, and Goldman Sachs, and there's nothing sweet about it. Each day's news seems to bring ever more horrific stories of greed, incompetence, arrogance, excess, deceit, numbskullduggery, and inconceivable nincompoopery about this ongoing taxpayer bailout and exploding financial crisis.

After studying various theoretical models and applying careful mathematical analyses, the world's finest economic thinkers have now concluded that what we have here is, to use the technical term, "a mess." To help our readers get a better picture of it, this issue of the Lowdown offers some facts and tidbits, sets forth some Q & As, exposes a myth or two, explores a couple of reasons the stuff has hit the fan, calls out some culprits, and suggests a few steps towards financial sanity. Let's get started! [ read more ]