I figure that we have seen the peak in Wall Street as of 2007.
Going forward, we should see some sort of secular decline in the importance of finance overall because there isn’t much more room to run.
Even if they do kick the can, the housing bubble won’t come back and the dot com bubble won’t come back.
The most they will be able to accomplish is treading water.
I think that the importance of finance was driven by two major means of public participation:
1) A continously rising stock market (peaked in 2000, echo peak in 2007)
2) Continously rising housing market and MEW extraction (peaked in 2006, no echo peak)
Anyone have any thoughts here?
Beyond BOA being DOA, that is.