video transcript

Finances Spanish so those guys who got the NBA's. Made terrible mistakes. Certainly in two or three decades leading up to -- eight. The real action in the US. Some in Silicon Valley but a lot of action was on Wall Street and across the ocean in the city Atlantic. Is you know of the financial crisis and the healing is happening. Slowly. But it seems to be happening are we going to see a revival of Wall Street in this city or is that hero for no. I'm afraid it's finished. We've had long periods in history when the financial types were in charge. Followed by long -- from the people who produce real goods were in charge mormons miners. Lumberjacks. People followed by long periods in the financial -- chart. In the 50s60s and seventies. To achieve your amazement as you I don't remember what it was a -- -- when I was at Oxford in the sixties. And my professors used to say this while we didn't care about -- Why do you care about the city of it's not relevant for the world economy and I didn't over the visiting Michigan and you're wasting your time and out. Now of course every Kid -- -- -- -- hedge fund in his dorm room. But in that we had the ball mark in the eighties night is this -- but. It's finished. In 1958 America produced 5000 in the -- the rest of the world -- and last year we produced 200000. Is. The rest of the world produce thousands more this massive competition and has. At a time -- this staggering average. In the old days nobody in the in the finance world had an average -- so it was very average and no governments are very much against all of us. Politicians love to blame us for everything. -- -- special -- special regulations that's what taxes finances Spanish those guys -- that MBAs. Made terrible mistakes they should go and try and demand for agricultural degrees. My guess farmers so I will call him up that you think you only about the S review can go back to the farm I -- you you know that it. You could become the agriculture report from Reuters. It's just at that point. It's declined finance. Don't have it's a good thing or bad things always happen that happened throughout history we've had these these big cycles I suspect. It will be because it too much leverage in the system now he needs something to clean up that bridge. So fun the government won't let that leverage it -- they won't let people failed. Hopefully people fail clean up the system and start over. If that can happen hopefully. Yes it's going to happen yet though it may you may not headaches why's he going bankrupt which you're going to have. The -- move from. Financial -- To that produces real good it. Does that worry and I think you are in financial. I don't think your time and now it's yeah I understand what's happened and I have a thing we I -- at the wrong place. We are the wrong place. At this particular point in history but. That doesn't mean the people came into successes in and that's when I went to Walters a bachelor. Some people make great successes -- -- Adobe people -- great success in finance but the wind is in your face. The hurricanes and you face now you need to be looking at other places. If you want to be with a win -- at your back.