Wall Street

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Group.png Wall Street  Rdf-icon.png
Interest ofNaked Capitalism
Literally, a street in Lower Manhattan , NY, but generally used figuratively to refer to the US East Coast financial sector.

 

Related Quotations

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Parastate“The immediate concern of the United States was Europe, where it appeared that the French and Italian communist parties might be elected to power in 1948. From the beginning of the postwar era, Washington looked for assets and proxy armies of its own to combat the threat perceived from the Soviet Union and China. Some of these proxies like the the nationalist Chinese Kuomintang (KMT) troops in Burma or the Mafia's in Italy and Marseilles soon outgrew their US support to become de facto regional players or parastates, exhibiting some but not all of the properties of states in their own right. From 1945-1947, elements in the US army conspired to maintain contacts with former German anti-communists in Europe and their German army commander, General Reinhard Gehlen. 5 men were involved of whom 3 (William J. Donovan, Allen Dulles and Frank Wisner) were representatives of the Wall St. overworld and also of the New York Social Register which listed the members of New York high society. They were awaiting a new agency to succeed Donovan's Office of Strategic Services (OSS) and take over the Nazi's ethnic armies in Eastern Europe. But the idea of a centralised intelligence agency encountered fierce competitive opposition from the FBI's J. Edgar Hoover who was backed at first by elements of Army intelligence. Although it took 2 years to overcome their opponents, the Wall Street lawyers and bankers in Truman's administration succeeded in 1947 in establishing CIA, which would report to the president through the new National Security Council (NSC). This new agency, based on the precedent and personnel of the OSS had been urged on Washington by the War/Peace studies of the Council of Foreign Relations in the early 1940s. It was reinforced by a report commissioned in 1945 by Navy Secretary James V. Forrestal. The report was written by Ferdinand Eberstadt who like Forrestal was a private Wall Street banker from the investment bank, Dylan Reed. As CIA director Richard Helms narrates in his memoirs Allen Dulles, then a Republican lawyer in Sullivan and Cromwell in New York was recruited in 1946 to draft proposals for the shape and direction what was to become the new CIA. in 1947 Dulles promptly formed an advisory group of 6 men, all but one of whom were Wall St investment bankers or lawyers.”Peter Dale Scott
Regulatory capture“Probably most people would agree that the people paid by the U.S. government to regulate Wall Street have had their difficulties. Most people would probably also agree on two reasons those difficulties seem only to be growing: an ever-more complex financial system that regulators must have explained to them by the financiers who create it, and the ever-more common practice among regulators of leaving their government jobs for much higher paying jobs at the very banks they were once meant to regulate. Wall Street's regulators are people who are paid by Wall Street to accept Wall Street's explanations of itself, and who have little ability to defend themselves from those explanations.”Michael LewisSeptember 2014

 

Related Documents

TitleTypePublication dateAuthor(s)Description
Document:The Rise of the National Security Statearticle21 February 2012Mark Gaffney
Document:Why Isn’t Everyone In Favour of Taxing Financial Speculation?report19 April 2016Robert ReichBernie Sanders wants to tax stock trades at a rate of 0.5 percent (a trade of $1,000 would cost $5), and bond trades at 0.1 percent. The tax would reduce incentives for high-speed trading, insider deal-making, and short-term financial betting. Sanders’ 0.5 percent tax could thereby finance public investments that enlarge the economic pie rather than merely rearrange its slices – like tuition-free public education.
File:Wall St and the Bolshevik Revolution.pdfbook1974Antony Sutton
File:Wall St and the Rise of Hitler.pdfbook1976Antony Sutton


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