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Tuesday, February 15, 2011

Stock Market Not a Cradle of American Capitalism, says Felix Salmon

who in his SEEKING ALPHA post responds to the following statement by NY Sen. Chuck Schumer, commenting on the possible merger of NYSE Euronext and the Deutsche Börse :
The New York Stock Exchange is the cradle of American capitalism. It is a national treasure. In America, we start each day in our Congress and in our classrooms with the Pledge of Allegiance, and we also start it with the ringing of the bell on the floor of the stock exchange.
But as Salmon sees it--and says in his NYT Op-Ed piece

Today, however, stock markets, once the bedrock of American capitalism, are slowly becoming a noisy sideshow that churns out increasingly meager returns. The show still gets lots of attention, but the real business of the global economy is inexorably leaving the stock market — and the vast majority of us — behind.

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