The NYT has an article today warning that the United States financial markets could lose a substantial chunk of their business to foreign competition in the next few years. The article doesn't include the views of any economist touting the gains from international competition. Why should we be any more concerned about losing market share in financial services than in steel or apparel? Why is the NYT treating Neanderthal protectionists who want to help the U.S. financial industry so respectfully.
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