Sunday, February 08, 2009

Wall Street Journal: Greed Is Good. Bonuses Are Great.

1973 was a terrible year on Wall Street. An unexpected crisis in the Middle East led to a quadrupling of oil prices and a serious global economic recession. The president was in serious trouble with Watergate. The S&P 500 index dropped 50% (after 23 years of rising markets), and much of Wall Street fell into the red. No profits and no bonuses.

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