Editor Raymond DeVoe Jr. always feels a “twinge of nostalgia” when he watches the opening of the New York Stock Exchange on CNBC and hears the voice that says “welcome to the financial capital of the world.” It takes Mr. DeVoe back to the time he once worked on the floor of the NYSE – a time when, indeed, it was the “financial capital of the world.”

He recalls especially these words of wisdom from the head of the firm he worked for: “What happens outside (the stock exchange’s) windows is of no importance. The only thing that matters is what we do here.”

For the record, Mr. DeVoe never shared this sentiment of his boss’, but he knew that many members of the NYSE who “provided an orderly market for the execution of orders by all investors” did.

Today, on the other hand, the NYSE appears to him as little more than “one of many trading platforms.” And, he adds, a “somewhat redundant and obsolete” one at that. “You can’t go home again,” Mr. DeVoe reminds us, “and neither can the stock exchange.”

His pessimism also extends to the Fed, which he lumps in with the global financial markets that he describes as “a huge machine operating by itself with little or no human control.”



The DeVoe Report
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