Interesting comment in WSJ from a 94 year-old Wall Streeter who has worked there since the Great Depression.
“”We’ve gotten soft in the United States, politically, economically and in every way. We’ve had so much prosperity that we can’t compete any more. Those days are gone, except in small companies. In things like autos — those days are gone,” said Mr. Glickenhaus, once a big Chrysler investor.”
And public policies that have contributed to gaming of the system using the power of big government and redistribution of wealth haven’t helped much, either.