Chapter 13: Devaluation Summary and Analysis

Wall Street of old was inhabited by honest men who conducted good business. That ethic has been replaced by liar loans and, "I hope I'm gone by the time this thing blows up" (p. 277). It is part of an overall decline in values in the nation that began after the Cold War. As far as investments, a sea change occurred that abandoned long-term reliable investments in favor of short-term, get rich quick opportunities. The loss of confidence in our institutions and leaders and a lessening of our sense of shared national purpose also contributed to the changing society. At the congressional hearings on the economic collapse, Wall Street titans saw nothing to apologize for when evidence was presented to them that they knew many of the deals they were selling their customers on were "crap."

The Tea Party gained...