ALOT of Wall Street's problems came with the computer age. In times past they bought and sold actual paper shares of stock. In other words there was an actual object moving back and forth wirth every buy. With the computer age all of those shares became nothing but electrons floating around in the 'ether'. Once that happened, and with several lax regulations, it became way to easy to sell shares that simply did not exist. I read about the practice several years back but can't remember what it was called when they did it. Basically though you could ask to 'borrow' a share from another company to speculate with. If they didn't respond back in time for you to make your sell you could still sell it even though it didn't belong to you. Further because of the same thing being practiced by the company you were borrowing from, the share never existed in the first place. Heck, there was even a special code on the shares indicating that they were actually nonexistant/speculative shares.
In the end all it did was provide an artificial boost to the value of the shares. When that artificial value eventually collapsed it was very instrumental in causing many of our current economic problems. So, does Wall Street 'control everything', probably not, but I think they hold WAY, WAY more control over things than ought to be allowed.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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