Wall Street Afraid of the Wrong Ghost
Wall Street still doesn't seem to get it. The world beyond New York has been moving in directions beyond the street's recent notice. Have patience with them, it's tough to keep your focus in a bubble.
Jim Copland (director of the Center for Legal Policy at the Manhattan Institute) wrote a piece for the Washington Post's Think Tank Town section. Copland deplores the flight of capital from Wall Street to other financial markets. He laments,
Since the days of America's first Treasury secretary, Alexander Hamilton, New York's financial markets have driven and sustained the nation's economy. And for the last century, companies worldwide that sought to raise capital overwhelmingly came to the United States.
Well, Jim, it's been a long time since Hamilton was shot dead by Vice President Aaron Burr. The economy of which you speak was pretty small and pretty insular in those days. Much has changed,
Sadly, and distressingly, that era may be coming to an end, as companies looking for money on the p…