It takes no small amount of hubris for Wall Street hucksters to urge financial services deregulation. But if there's one thing that the Wall Street power brokers do not lack, it's audacity. Wall Street has fashioned a series of "blue ribbon" commissions to concoct a crisis. The fantasy story that the Commission on Capital Markets Regulation (the "Paulson Commission"), the U.S. Chamber of Commerce's Commission on the Regulation of the U.S. Capital Markets and other apologists are trying to tell is this: U.S. competitiveness in financial services is now in grave doubt. Regulation, litigation and prosecution are driving companies to float stock offerings on foreign markets. If something isn't done soon, U.S. economic performance is in jeopardy.
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