Their power to fuel economic growth has made the U. S. capital markets the 8th wonder of the world. But today that power is endangered, and the potential consequences are ominous.
There is no doubt the United States has led the world for many decades now in economic growth and development. America's greatest contribution to the economic well-being of its own citizens and of much of the rest of the world has been the development of efficient, deep, public capital markets. These American capital markets have for over a century been the envy of the free world – maybe even the 8th wonder. They have provided the most efficient access to, and allocation of, capital in human history. They have been the very engine that drives economic growth, innovation, and prosperity.
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