Party Like Its 1929: Understanding the Crisis on Wall Street

It has been a dramatic moment on Wall Street; first Bear-Sterns and then Lehman Bros. went bankrupt. Then insurance giant AIG was 'rescued' by the US Treasury and now, $700 billion in bailouts are proposed for the rest of banks that are teetering on the edge of collapse.

As one major US financial concern after another succumbs to the burst of the housing bubble, I have had a hard time understanding the crisis by reading the mainstream press alone. To me, the articles in the New York Times and Wall Street Journal have, at best, conveyed a sense of importance and urgency about these financial failures while pinning hopes for economic recovery on ever-increasing tax-payer generosity.

To try and get a clearer look at what all the drama is about, I had to search elsewhere. Below are some of the best analysis and commentary I found, with the help of friends and comrades. Please post additions in the comments!

And of course, the ongoing coverage in Against the Current:

See also: David McNally's

See also: David McNally's excellent piece at: http://www.socialistproject.ca/bullet/bullet118.html

Party Like Its 1929

PARTY LIKE ITS 1929
(melody 1999, Prince)
The artist: WilliamBanzai7

I was dreamin' when I wrote this
Forgive me if it goes astray
But when I woke up this mornin'
Coulda sworn it was Wall Street judgment day
The S&P was purple and the DOW was gray,
there were traders runnin' everywhere
Tryin' to run from the destruction,
U know I didn't even care

CHORUS
say say Dow heads down to zero Wall Street party over,
oops out of time
So tonight I'm gonna party like it's 1929

I was dreamin' when I wrote this
So sue me if I go to fast
But Wall Street is just a party, and parties weren't meant to last
Paper losses is all around us, my mind says prepare to fight
So if I gotta die I'm gonna watch Cramer tonight

CHORUS
say say Dow heads down to zero--Wall Street party over,
oops out of time
So tonight I'm gonna party like it's 1929

intro 2x
Lemme tell ya somethin'
If U didn't come to party,
don't bother knockin' on Paulsons's bailout door
It's burning a hole in his pocket,
and baby he's ready to ask for more
Yeah, everybody's got an unhedged bomb,
we could all die any day
But before I'll let that happen,
I'll dance my investment banking life away

Oh, they say
say subprime securitization party over,
oops out of time
So tonight I'm gonna party like it's 1929
say say DOW heads down to zero party over,
oops out of time
So tonight I'm gonna party like it's 1929

we gonna, oww

1929
Dont ya wanna go 1929
Dont ya wanna go 1929
Dont ya wanna go 1929

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