The Future of Wall Street
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An irreverent Wall Street Blog
by Bill Singer
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Forbes' Intelligent Investing Panel: The Wall Street of Tomorrow
Written: August 17, 2009The Wall Street Of The Future New technologies and rocket scientists will propel Wall Street into the future, but compensation and business models sorely need reform.
With · Gary Shilling, President, A. Gary Shilling & Co.; · Dr. Kenneth Shubin Stein, MD, CFA, is the founder of Spencer Capital Management, LLC; and · Bill Singer, Shareholder in the Securities Practice Group of the law firm Stark & Stark and Publisher of http://BrokeAndBroker.com and http://RRBDLaw.com
Forbes: This may be a broad question, but what the heck. This was sent in by Bill Singer. What is the future of Wall Street? Do you think that Wall Street will fully recover its stature from this recent recession and various affairs, including affair de Madoff? What will likely be the future of Wall Street on the economic stage? And what will the financial marketplace look like in five to 10 years out? Fairly big topic, of course, but what the heck? We've got some great brains on the phone. And I wanted to see what you guys thought of that.
Gary Shilling: First of all, greed has not gone out of style. I mean, it's been temporarily tempered with fear. And with big losses and regulators and government coming down the throat of Wall Street. But I don't think that we can count on the change in human nature. And I was very much impressed by Ken's point that there's been no genetic pressure to change psychology in thousands of years. I think that's a wonderful point. And the way I put it, human nature doesn't change over time, if at all, only slowly. The same idea. . .To read the entire Intelligent Investing Panel interview, visit:
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