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Finance blogger for Reuters Felix Salmon and Bloomberg Business Week's Roben Farzad discuss fiscal reform in both the US and UK, the dynamics between the countries' finance industries, and whether London or NYC have a stronger financial future.
Hi, Financial reform ought to mean money back to those who lost their savings because of mortgage fraud and predatory lending. Eugenia Renskoff
@ Catherine - I definitely don't think NYC is whiter, but Manhattan south of the 100s sure is. In general America is a physically large, ethnically/racially diverse nation, but as NYC shows (and Chicago, LA, and other large cities), the US is also a rather segregated place.
Roben Farzad's comment that we owe many thanks to illegal immigrants from Nicaragua and Mexico for keeping our food and construction costs down in New York City is so typical of the libertarian elite in this city. They have no idea about the seismic shift in opinion toward illegal immigration since 2006. (I'm a liberal Democrat and I oppose amnesty.) Many of us don't buy such libertarian sweet talk and its whitewashing of the current U.S. immigration disaster. The game's up, sir.
"Wall Street" in the form of banks, investment funds and securities instruments provides liquidity, wealth growth and opportunities for all Americans (and people worldwide, too.). Markets, while imperfect, have always performed better that regulators. Let us be free!
Quick point, many firms try to avoid having their assets held in London, because of differences in bankruptcy laws. US bankruptcy laws are a lot more favorable. One example of this are the many clients of Lehman who are still fighting to get there assets back because their “segregated account” was in fact not segregated and was being held in the UK when Lehman went under.
surprising no one brought up Frankfurt and its intention in the early naughts to grab London's financial crown. (And it s the home of the ECB)
re: immigration comparisons.
I was in London last week, staying in the Bayswater neighborhood. When I was walking around NYC yesterday (in the area around Penn Station) I was immediately struck with the thought "My goodness, New York is white" - I was shocked by how much more diverse London was. It might have to do with the neighborhoods more than the two cities as a whole, but I thought it noteworthy.
There are many American I.T. workers either unemployed or underemployed. Please don't speak of opening up work visas for I.T. resources when these multinationals won't use American I.T. resources right here in the U.S.
Agree with HughSansom - The US federal government has shown its undying support for Wall St. and the financial industry.
We have also seen that when govt. saves Wall St., yet the financial industry thinks that govt. is talking too rhetorically tough (but having regulations written or at least amended by the industry), govt. even eases on that front so as not to look too "unfriendly" to business.
So which financial brothel is the best? Does it really matter what accents the money pimps have, when they've all strip both nations of industrial capability/capacity; made economic inequality as great as it was before the Crash of '29 (and gamed/corrupted the political system with their money); and warped our economies towards the FIRE corporations? We the ones who've been burned, royally and yankee-doodle-dandy-y.
maybe it could be settled by an arm wrestling match between Mayor Bloomberg and London mayor Boris Johnson?
Hasn't New York won by technical knockout now that the US government has made clear that Wall Street can do anything at all in the knowledge that a slavish president and Congress will pay them off and pass the costs on to us?
We were all quick to jump on the "Communism Failed" bandwagon in '88, so why are not as quick to jump on the "Free Market Capitalism Failed" bandwagon! Because that is what has happened. It started with Reagan continued thru W including Clinton (Robert Ruben and his lot) who all little by little diminished or eliminated regulating the financial markets and big business and so here we are. That these institutions rely on us to bail them out, they are part of the so called socialist system they despise and denigrate and viciously fight against. It's time for a new financial/economic basis for us (US) to look for with more regulation. Bury Wall Street (and Michael Bloomberg as well)!
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