This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Open Letter to Wall Street from Main Street

Why were banks throwing money at the most high risk people? They did that so that their mortgages could be bundled into securities that were overvalued and would ultimately fail so that certain people on Wall Street could bet against them. It's all laid out in the SEC's lawsuit again Goldman Sachs (GS) (and I know you have your own ideas about Goldman).

Now, President Obama has outlined a number of reforms, and I'm sure you're worried that this is all turning into a big media showdown between Wall Street and Main Street (and I know you have your own ideas about what Obama should be saying to the American people). But let me assure you, Main Street isn't looking to take you down. I mean, Main Street doesn't even exist in the same way that Wall Street does.

You're one entity that has relatively uniform and clear ideals: the preservation of the free market system with as few encumbrances as possible.

On the other hand, there are thousands of Main Streets filled with millions of people and many different points of view. We reached out to our residents and found a couple of thoughts that that we'd like to share with you.

David Backlin from Fort Smith, Ark., asks, "Why should the general public have to pay for THEIR mistakes?"

A lot of people on Main Street feel this way, and I'm sure you can understand why. With regard to the bailout, the answer, as painful as it is to admit, is that it may have been cheaper for us to pay for your mistakes in the short run than do nothing and watch us both fail. Or maybe you just bought off a bunch of Senators and Congressman. As far as all of the other forms of payment - primarily the lost equity and income - well, we shouldn't have had to pay that. But that's all water under the bridge, and we're trying to look forward now.

Which brings me to another voice from Main Street that I'd also like you to hear, Wall Street. This note comes from David Riley, of Shelby Township, Mich.
2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.19 -1.04%
FB $118.06 0.54%
GOOG $695.70 0.48%
TSLA $222.56 -4.20%
YHOO $36.00 -0.03%


Chart of I:DJI
DOW 17,651.26 -99.65 -0.56%
S&P 500 2,051.12 -12.25 -0.59%
NASDAQ 4,725.6390 -37.5850 -0.79%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs