Say good-bye to Wall Street as we knew it, said The Wall Street Journal in an editorial. In a flash, the five major investment banks have “ceased to exist,” transforming themselves into or being absorbed by conventional big banks. “The result will be a sturdier but also less innovative financial system than we have had in recent decades.”
The new Wall Street should feel familiar, said David Brooks in The New York Times. It’s no longer a playground for “math geeks” who devised complicated financial instruments understood by nobody else. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke are reasserting the old-school authority “that used to be wielded by the Mellons and Rockefellers and other rich men in private clubs.”
If Paulson and Bernanke and their buddies are "Daddy Figures" who will rescue us, said Glenn Greenwald in Salon, who exactly was dictating economic policy when we got into this mess? “If there is one thing that's not 'new,' it's turning over our economic policy to the Wise Old Men of Wall Street.”
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- After Ferguson: Stop deferring to the cops
- Ferguson riots were terrible — but this racist reaction was worse
- 43 TV shows to watch in 2014
- Is it now OK to have sex with animals?
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Don't argue about politics this Thanksgiving. Just don't.
- The hilarious hypocrisy of Republicans complaining about the imperial presidency
- In Ferguson, Michael Brown lost his life — and America's police lost the benefit of the doubt
- The real story behind Deliver Us From Evil
- How Rand Paul's GOP opponents will use his minority outreach against him
Subscribe to the Week