The over-representation of Wall Street banks in senior government positions sends a bad message. It tells people that one - and only one - point of view will dominate economic policymaking.
Sentiment: NEGATIVE
Wall Street has too much wealth and political power.
The economy may be complex, but Americans understand that the Wall Street banks control an outsized portion of the economy and that they have an outsized interest in their own profits.
In truth, Wall Street is in for a radical makeover. Fewer people, lower margins, lower risk, lower compensation - and ultimately, fewer talented people. It is likely to change the culture of an industry that for nearly a century has been the money center of the world.
Banks are run by executives, and executives protect themselves, and that does not always mean that banks are going to behave rationally.
Wall Street, the banks, and corporate America, has been able to call the shots here. They control our members of Congress and they get what they want.
If a bank's too big so that it can't fail without hurting our economy, well then, it's too big.
The reality is that the institutional framework in which Wall Street operates is fundamentally inappropriate, and it inevitably generates violent fluctuations of the market.
Governments of all stripes want to deliver growth and rebalance their economies now that they have learned the hard way that, left to their own devices, markets pick expensive banking losers.
Banks are concerned the central bank is imposing too many regulations. If the trend continues, we'll swing to heavy regulation. We need to have balanced regulation to encourage the economy.
You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way.
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