As my friend John Fund writes in today's OpinionJournal.com, Congress is putting Hong Kong and London in a position to surpass New York as the financial capital of the world.
Fund writes that our foreign competitors "are taking advantage of our curious refusal to reform our financial markets, which could make the U.S. a global also-ran. As one leading Hong Kong businessman told me, "Your current policies amount to unilateral disarmament in the contest for IPO's. The next year or so will be a test for whether you can wake up in time."
(Tip of the hat to BizzyBlog for putting up the original post.)
