Wall Street Exodus Begins?
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  • Otis McWrong

    “Much of what Wall Street has been up to in recent years is what the Japanese used to call ‘zaitech’; financial engineering rather than investments in new…”

    This is a frequently (always?) overlooked point. We hear constantly about how if our banks are not allowed to engage in all sorts of risky behavior they won’t be able to “compete” and may lose market share to non-US banks. Well, if this means that some other country can deal with the knee-buckling crises that seem to come along every 10 years, then fine.

    Jeremy Grantham has made this point but it bears repeating: Banking & Finance is not economic activity in and of itself. It is a supporting activity. It can be likened to the Legal profession – necessary to economic activity and certainly a necessary part of any modern economy, but properly understood not actual productive activity. So if our Banking industry ceases to be “innovative” that is fine with me. And this comes from somebody working in the Finance business!

  • ew-3

    Wall St was also where the 9/11 terrorists chose to strike. Coincidence?

  • Jim.

    One of the best things about this dispersal is the fact that we have a chance of getting bankers who are familiar with a wider variety of places, activities, and cultures. This will give them greater insight into how the economy works in different areas, deeper familiarity with different economic activities (including both new innovations and worthy established industries), and work against destabilizing financial Groupthink.

    All of these will lead to a healthier, more effective, and more stable banking system.

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