In 2008 The wall street financial status collapsed, because when it got expensive going to college for all the smart guys in school went to wall street to make money and after go to college and study whatever they wanted before and getting their degrees as a lawyer or in business and there was a person who worked in wall street before and he stopped working there, he was about his retirement age and wearing a tweed jacket, gray pants, a blue button-down shirt and a club tie that, seen from a distance, seemed adorned with tiny brussels sprouts.

He was the person who new what will happen to the wall street after he saw all those smart guys start working there he knew that people who was working there were making a lot of money, he said two things happened. One is that the amount of money that could be made on Wall Street with hedge fund and private equity operations became just mined- blowing and second when the smart guys started this of securitizing things that didn’t even exist in the first place who was running the firms they worked for? Our guys! The lower third of the class! Guys who didn’t have the foggiest notion of what a credit default swap was. All our guys knew that they were getting disgustingly rich, and they had gotten to like that. All of that easy money had eaten away at their sense of enoughness.” And that’s where the wall street almost collapsed.

link: http://www.nytimes.com/2009/10/14/opinion/14trillin.html