The trouble is that the average trader on Wall Street, he or she is so young, he doesn't even remember the recession of 2001, let alone the previous one.
Sentiment: NEGATIVE
Wall Street has played a role in everyone's life, and it has been vilified by everyone, but I think that the average trader didn't have a sense of what was coming. The culture is so vacuous, it's possible to come to it straight out of college and never have a real adult life, even if you have the wife and kids.
Wall Street excesses helped lead to the Great Recession.
People stop buying things, and that is how you turn a slowdown into a recession.
We don't have sales trading, brokerage, capital lending - any of those kinds of things that got some of the Wall Street firms a little bit in trouble.
On Wall Street, financial crisis destroys jobs. Here in Washington, it creates them. The rest is just details.
A recession is predominantly for the middle class. Where I come from, the majority of people have always lived in a recession.
When I was 15 years old, I read an article about Ivan Boesky, the well-known takeover trader - turned out years later it was all on inside information! But before that came to light, he was very successful, very flamboyant. And I thought, 'This is what I want to do.' So I'm 15 years old, I decide I'm going to Wall Street.
Recessions are hard on people, but they are not hard on art.
You have to remember a lot of business is very cyclical.
The simple fact of the matter is, as I know everyone in this room knows, that the recession that this country faced when this President took office was the worst since the Great Depression.