Has Wall Street become a Parasite.
Wall street has clearly becoming a parasite for the most of the basic industries or industries that are facing technological shift. The crazy notion called shareholder value has destroyed so many companies and led many business executives to become convicted criminals.
Why the wall street analysts are not being tried for aiding and abetting the scandals at Enron and Worldcom , becaue the executives there were generating numbers for the wall street.
Wall street is in the path of destroying the newspaper industry, while yahoo which posts some arbit news pulled from wire services commands ridiculous valuation. Newspapers which do indepth local coverage a basis of democracy is branded a dying industry. Everytime Pratt Whitney losses an opportunity to build an engine for a new aircraft United Technology's value goes up.
Add to this new group of investors called hedge funds who buy a minority holding and create nuisance by demanding change. I can say with confidence, the wall street may increase value of some shares for short duration by its demands but net destruction to the economy is enormous and not studied.
I am confident that if the present day wall street had existed in industrial era, human enterprise would not have made much progress.
Let me make it clear I distrust wall street where a single analyst may cover the health care industry and also the funeral home industry.