The Future Is…Engineering
In New York state alone there are about 206,000 people in the securities industry, still not far from its all-time peak of 217,000 back in 2000. Tens of thousands of those bankers, traders and back-office employees will soon be looking for work.
Perhaps some of the country’s brightest students might now recognize that the new path to wealth isn’t a few years of hit-and-run work on the Street or at a hedge fund.
This is a positive thing. It encourages the country to get back to creating, building and doing, rather than shuffling paper and trading it. At the end of 2006, financial stocks accounted for 22% of the value of Standard & Poor’s 500-stock index. Financial stocks have lost $1.3 trillion over the past 11 months, bringing that figure to 14.4%. Perhaps America would do well to have a few more people thinking about engineering actual structures, rather than the “structured products” of Wall Street.
The market has indeed spoken. Its message is clear: It is time to get back to work. Real work.”—http://online.wsj.com/article/SB122152115872039347.html
Dennis Berman, WSJ.com