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The center of the capital markets is shifting from America to Asia, that's what the future is going to be. China's economy has been on a fast track of growth, rising in stature. The Industrial & Commercial Bank of China is the world's largest by market value. Still there is a long way to go to make China a financial superpower. Yet Western bankers have hundreds of years of experience. They won't be defeated easily by the current financial crisis....
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Had history repeated itself? Lehman Brothers, a company with more than a 100 year history was gone. It's portfolio of subprime mortgages worthless. 2400 miles away California was beginning to feel the effect. Within months the entire banking system of Iceland would collapse. The global impact catastrophic. What did "too big to fail" really mean?
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"In the 19th century, America was divided by the Appalachian Mountains allowing the East and West to develop independent of each other, NY Governor DeWitt Clinton proposed building the Erie Canal helping to connect the country while also fueling its growth. He turned to the bankers on Wall Street for help. Shortly thereafter the issuance of bonds by Wall Street would help to build the nations railroads. The bankers on Wall Street even helped...
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The name Wall Street evolved from the earliest history of North America. Back then, a wall stood as a protective boundary between the wealth of the Dutch Settlement of New Amsterdam and the Native Americans. It's a difficult challenge to find traces of that original wall from a time 400 years ago, especially in such a modern city as New York. But the wall of Wall Street perfectly parallels the history of New York City from its earliest beginnings...