Wall Street

Wall Street sells dreams...hopes...and pies in the sky.

Sure, its labor force tends to dress well. They often go to the best schools. They are smart. They are presentable. But get close enough, and you will see they struggle to mask the moral strain of flogging hopeless investments to people who they believe were “born yesterday.”

Wall Streeters are not bad people. They are not dumb people. Neither saints nor sinners, they are just like the rest of us. But their industry encourages a huge fraud: that they are there to help you make money.

They are not. They are there to help themselves make money.

How?

By taking it from YOU.

The financial industry is very large and very profitable. The service it pretends to provide is helping to match worthwhile investment projects with the capital they need. The service it actually provides is separating fools from their money.

Bill Bonner on Wall Street.