The City of New York has always been a top powerhouse area in the United States. This Wall Street mess is definitely going to hurt N.Y.C. What's coming in the Wall Street reform arena? This reuters article provides interesting analysis:
"Massive market clean-up looms after election"
By Kevin Drawbaugh - Analysis
WASHINGTON (Reuters) - Salvaging order from the Wall Street train wreck will mean years of toil for the next U.S. president and Congress, with an early reform push expected in the high-leverage, low-oversight markets for securitized debt and derivative financial instruments.
Soon after the November 4 elections, lawmakers plan to pursue big changes in credit default swaps, mortgage-backed securities and other complex investment vehicles at the core of a crisis that is costing taxpayers billions of dollars.
"No one has the right to juggle knives on a public bus," Rep. Chris Shays said at a congressional hearing last week.
Read Full Article Reuters
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