“When Main Street jobs go overseas, Wall Street generally shrugs,” a USA Today editorial noted. “The typical response from the nation’s financial elite is that people who have lost work should tough it out and acquire new skills.” But now that Wall Street is losing business to foreign exchange markets, it is demanding government intervention.
Some of the regulation complaints may be legitimate. But as the USA Today editorial argued, the main reason Wall Street is losing business is that foreign competitors will provide similar services for much lower prices — something that Wall Street cheered when its own jobs and bonuses weren’t at risk.
Posted by Phillip Brownlee
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