Sharp turn on Wall Street

My cover story for the July/August issue of Arrive is now riding the northeastern rails, a look at the nation’s economic crisis and the role of the financial media. CNBC’s Maria Bartiromo, the Wall Street Journal’s David Wessel and others ponder the end of days on Wall Street and what the American economy will look like on the other side of its most vicious hangover in decades.

CNBC has taken some big lumps this year for the behavior of some of its on-air personalities, perhaps deservedly so. But during a lengthy chat for the story earlier this year, after pushing past a bit of canned stuff, I found Bartiromo to be quite knowledgeable, engaging and forthright. And I happen to agree with her take on Jon Stewart’s big beatdown of Jim Cramer and CNBC back in March.

wall_street_signWill America’s investment banking sector soon be a miniature of its turn-of-millennium self? (And would that be a good thing?) Who are the most deserving villains in the blame game? Read on… Meanwhile, during a quick ATM stop at a Chase bank branch yesterday I witnessed an exchange that seemed in some small way encouraging — perhaps an indication that America has started to move beyond the denial/anger stage, and into the acceptance/change stage.

A bank employee was walking out just as a long-time customer was walking in. The customer asked the bank employee if in the past few weeks it had gotten any easier to get a loan. (The specific type wasn’t clear, though it was obviously either a home mortgage or small business loan.) “No, it hasn’t gotten any easier,” the bank employee said, with a cheery smile. “As you know, they’re asking a lot more questions now.” The customer smiled back, unfazed, and headed into the bank, paperwork in hand.

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