Posted on 07/01/2011 10:45:15 AM PDT by george76
New York soon will no longer be the financial capital of the world thanks to a hostile government that has served up a menu of punitive regulations aimed at driving big banks out of the country, says analyst Dick Bove.
In his latest broadside against the post-crisis regulatory environment, Bove asserts that a recent spate of layoffs, particularly by Goldman Sachs, is just the latest sign that large financial institutions will have to take their operations overseas.
The result, he says, will not be good both for New York and the nation.
...
In the current climate, Bove says the worst may be yet to come.
“Money, intellectual capital, and manufacturing in the financial industry are steadily moving away from the United States,” he writes. “The challenge to this country is to create competitive advantages to do business here as opposed to somewhere else or New York will lose its position as the world’s financial capital just as London did.”
At a time when the government faces the pernicious costs of financing its debt, which would be exacerbated by a rise in rates, Bove worries that the banks have become too convenient a punching bag.
(Excerpt) Read more at cnbc.com ...
This has been coming for years, started by SarBox. FinReg nailed down the lid on the coffin. Schumer and Dodd are killing off the industry that fueled the New York metro economy and their campaign donations. Idiots.
Doesn’t help now that we have a marxist pResident who has declared that America should not be a leader.
America was the hub for the “free industrialized west” and Obama with his hate on is doing his best to take down western civilization. Trade, jobs, employment all follow. But then again, he wants a revolution pitting American against American. What a stain on Americas cloth!
Dodd Frank will kill off many community banks, related jobs, and send more tax revenue off shore.
Same big banks that were rescued by the American taxpayer?
Excellent assessment.
Bove Alert
Bove is one of the most over rated people in finance. The man is a dork, doesn’t know what he’s talking about, ever.
Too bad.
As soon as I can sell my house, Texas, here I come.
Even a broken clock is right twice a day...
I’m glad someone pointed this out. I don’t know why, after 2007/2008, he still gets quoted or face-time on the finance or banking sector.
Bove’ has been not just a little bit wrong. He was hugely wrong in 2007/2008 on the conditions in the banking sector as it was melting down.
You want to destroy the family and have a welfare population, pay unwed women to have welfare babies. We got millions and millions of them now.
You want to drive business out of your town, make a lot of restrictive rules and confiscate their earning. They'll leave.
You want to be overrun by illegal immigrants? Open the border, give them jobs, benefits, free education, health care, etc. They'll come, by the millions.
We're getting exactly what we're paying for.
Well, at least their gays can get married now.
You nailed it, CharlyFord!
Either America wakes up from it’s stupor or we’re done as a country. We do not deserve the freedoms our founding fathers handed to us after making so much sacrifice.
Meanwhile, the GOP reps/congresscritters continue to crawl on all fours sniffing the zer0’s rump. It is sickens me.
This article and those who will say yes, yes, yes are in effect navel gazers. That is searching for navel lint on their own body rather than looking around and seeing reality.
The fact is The Action is or has already moved to Asia.
Setting China aside, the growth in Dubai, Abu Dabi, Jebel Ali Free Zone, and Singapore are phenomenal. All the world has come to Jebel Ali and Singapore because they are free, pure, untaxed capitalist states. Why screw with the likes of Bloomberg and the New York Jews when there is freedom from all the pure unadultrated crap? To harsh on Jews, not my doing, that is the reality of the way others think.
Bahrain was once the destination for banks and financiers fleeing Beruit but that is no more. they are in Dubai and Abu Dabi. The overseas Chinese won’t permit the shackles of the communist bureaucrats so they have built Singapore into into a colossal money handling machine.
New York will continue to be the entry and exit point for most of our trade with the world, but the fraction they handle will diminish simply because the growth of trade in Asia will surpass the growth here and in Europe. The money men of the Gulf and Singapore are the equals of those in New York.
It is not 1955, it is 2011. That’s just the way it is.
>> “New York will continue to be the entry and exit point for most of our trade with the world” <<
.
It hasn’t been for 30 years or more.
Seattle, Oakland, and Longbeach are our front doors for trade.
I am speaking of banking, not ports. The New York banks still land the letters of credit for much of America
Thank you Mr Dodd, Thans Mr. fFrank
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.