<p>Is</a> This the End of Wall Street As They Knew It? -- New York Magazine</p>
<p>Great article for all future-bankers to read whether you agree or not. And if you don't agree with most of the article, I'll have to question whether you have your head in the sand a bit ...</p>
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<p>I hope this is true. It’s about time.</p>
<p>Awwwww…couldn’t happen to a nicer bunch of people…(sorry for the sarcasm; I’m kinda biased on this issue)</p>
<p>Seriously, though…long term economic impact on NYC questionable…</p>
<p>Bloomberg is really a visionary mayor - I am a big fan of the “competition” he recently had in securing two university’s commitments to build a tech campus in NYC. I think he was saw the writing on the wall and was trying to diversify the city’s revenue sources. Thumbs up to him</p>
<p>Not saying I agree but,</p>
<p>[Traders</a> Respond in Epic Letter to ‘Occupy Chicago’ - Wall Street Protests - Fox Nation](<a href=“http://nation.foxnews.com/wall-street-protests/2011/10/29/traders-respond-epic-letter-occupy-chicago]Traders”>http://nation.foxnews.com/wall-street-protests/2011/10/29/traders-respond-epic-letter-occupy-chicago)</p>
<p>I really hope Occupy Wall Street gets quashed. I’m all for excercising the first amendment, but they are taking the blame out on the wrong people. Without Wall Street and Corporations, there is no Ipod, there are no new toys for kids, or fabric softeners. Investment money doesn’t just come out of thin air. So when it comes down to whose side I’m on, that’s easy. I’m on the side of Wall Street and the free market system, where I can make as much money as I want operating any type of business I want(except something like drug running), because unlike other countries, we are able to, and allowed to. Once people start realizing that they’re hurting the economy by putting extra toxic regulations, they’ll ask for repeals.</p>
<p>Great quote from the article:</p>
<p>“We used to rely on the public making dumb investing decisions,” one well-known Manhattan hedge-fund manager told me. “but with the advent of the public leaving the market, it’s just hedge funds trading against hedge funds. At the end of the day, it’s a zero-sum game.”</p>
<p>These people need to find new ways to rip each other off, rather than unsuspecting investors. Dodd-Frank isn’t going away anytime soon.</p>
<p>Though it won’t be as lucrative, it will still be a good industry right? </p>
<p>Tell me if I’m right; so with this outlook, basically, this will discourage all the people who get into IB for the money, leaving more jobs for people who actually like the work?</p>
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<p>What does Dodd-Frank have to do with less people trading on e-trade accounts?
You sound dumb.</p>
<p>Dodd-Frank (Volker Rule is part of it) has everything to do with Morgan Stanley and Citigroup getting out of proprietary trading and all the major banks being far less able to sell exotic products to unsuspecting investors. Goldman Sachs is losing ten percent of its revenue, according to the article, by getting out of proprietary trading. </p>
<p>Probably not a big deal to a genius like you who would no doubt have no trouble making money circumventing the effects of the Volker Rule and the multi-billion dollar negative effects of the Durbin Amendment (also part of Dodd-Frank) that have caused the big banks to lay off thousands of traders and other employees the way the dumb people at Morgan Stanley, Goldman Sachs and Citigroup have done.</p>
<p>If only these banks knew about the brilliant posters like you on cc. They could reverse the course of economic history.</p>
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<p>How does this relate to proprietary trading at all?
True proprietary traders don’t really have any interaction with clients. They trade primarily with institutional investors or other financial institutions. </p>
<p>Market makers are the ones who trade on behalf of clients. If anything, they are the ones who could potentially “sell exotic products to unsuspecting customers”. Dodd Frank does not prohibit or even particularly affect market makers.</p>
<p>I just don’t see the connection with the Volcker rule and the general public being in the market.</p>
<p>Well there are less people in the market now (irrespective of the Volcker Rule) - not only your average joe, but also institutional investors have flooded the bond markets</p>