Barron's
July 2, 2011
The Greek default crisis has eased for the moment, helping to spark a Wall Street recovery. But that surge looks at this point more like a short-term bounce than a sustainable upswing.
For what seems like ages now but really dates back only a few highly regrettable years, Wall Street has been the butt of a relentless barrage of badmouthing, in the main, we must admit, richly deserved. But one thing that it can't justly be accused of is a lack of patriotism, especially when that noble impulse inadvertently happens to coincide with an opportunity to make a few extra bucks.
So it was with great verve and enthusiasm that it staged a rousing rally last week in anticipatory celebration of Independence Day. Even absent their actual presence, you could hear the music, see the flag.
Not that brokers and bankers and all the worthies who labor in the canyons of capitalism hadn't reason to celebrate, if only because bonuses were back, generous as ever, and gas prices had come down, which meant they make the trip to the Hamptons every Friday without borrowing from their kids' piggy banks.
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