Yglesias

Wall Street: Still Where The Money Is

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CREDIT:

Kathleen Madigan writes that Wall Street is back in a big way as the profit center for American business:

There’s no real reason to expect anything different, as the new financial regulation rules haven’t even really come online yet and already congressional Republicans are fighting furiously to use the appropriations process to undermine them. But it is depressing news. As long as profits in this sector are so high, a disproportionate share of hard-working greedy people will flow into it, deploying their intelligence to try to find ways to game the system depriving more entrepreneurial sectors of the economy some of the talent they need.