If Facebook went public, Wall Street would quickly turn up advertising on the site, a la MySpace (a cautionary tale for Facebook), Kirkpatrick said.

FORBES: Facebook IPO Isn't Going To Happen, Says Facebook Biographer

Having given up a job on Wall Street, he went to work for the guidebook company in South America, where his research took an unusual form.

ECONOMIST: Business travel

As far as Wall Street is concerned, the risks of a consumer-led recession went up with the unemployment rate's jump to 5.5%.

FORBES: Woe For WaMu