ALOT of Wall Street's problems came with the computer age. In times past they bought and sold actual paper shares of stock. In other words there was an actual object moving back and forth wirth every buy. With the computer age all of those shares became nothing but electrons floating around in the 'ether'. Once that happened, and with several lax regulations, it became way to easy to sell shares that simply did not exist. I read about the practice several years back but can't remember what it was called when they did it. Basically though you could ask to 'borrow' a share from another company to speculate with. If they didn't respond back in time for you to make your sell you could still sell it even though it didn't belong to you. Further because of the same thing being practiced by the company you were borrowing from, the share never existed in the first place. Heck, there was even a special code on the shares indicating that they were actually nonexistant/speculative shares.
In the end all it did was provide an artificial boost to the value of the shares. When that artificial value eventually collapsed it was very instrumental in causing many of our current economic problems. So, does Wall Street 'control everything', probably not, but I think they hold WAY, WAY more control over things than ought to be allowed.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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