Time: Why Main Street Hates Wall Street

The Managing Editor of Time Magazine, Rick Stengel was on Morning Joe this morning talking about the cover story of the latest issue of Time:

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Roughly 2 1/2 minutes into the clip, he talks about how even though Goldman Sachs and Morgan Stanley declared themselves banks rather than investment houses so they could borrow money from the Fed, they still don't act as banks. These firms claims their success is tied to the success of Main Street but the discussion goes into some detail about the disconnect between the two.

The specific comment about how regular folks cannot open an account with these firms and the investments they make are not available to regular folks is very important. Often because of CNBC and other financial news outlets the general public seems to believe that everyone that works at these firms is a superstar undeservedly making millions of dollars. On the contrary, most people employed by these firms are "regular folks" that will never make enough money through their jobs to invest in the instruments these firms are selling to their clients. However, these firms will rely heavily on these employees working long unpaid overtime hours at nights and weekends should those investments go south for the high net worth client just to make the client whole with little concern for the work/life balance of the rank-and-file employees making $30,000, $40,000, or $50,000.