New York Times :: Another Slap at Democracy on Wall St :: Millions of investors rushed into the stock market in the 1990’s, believing that Wall Street was at least a fairly level playing field. Although they have since learned how illusory that notion was, the myth of democracy on Wall Street took a real beating last week. There was a gross misallocation of capital into telecom during the mania is painfully clear. Too many companies were funded and too many failed. The human cost of this misallocation is also large. Challenger, Gray & Christmas, the job outplacement company, reports that 504,000 telecom jobs were eliminated in the 19 months through July. This year, telecom companies account for 23 percent of all jobs eliminated in the United States.