Wall Street’s New Gilded Age A year after the crash, a few financial giants are back to making mill

09-12-2009 • Newsweek

Since its birth, the United States has grappled with the problem of an over-mighty financial sector. With the exception of Alexander Hamilton, the Founders' vision was of a republic of self-reliant farmers and small-town tradesmen. The last thing they wanted was for New York to become the London of the New World—a mammon-worshiping metropolis in which financial capital and political capital were rolled into one. That was why there was such resistance to creating a central bank, and why—despite two attempts—we have no Bank of the United States to match the Bank of England. That was why populists railed against the adoption of the gold standard after the crash of 1873. That was why there was so much suspicion when the Federal Reserve System was created in 1913. That was why government regulation of Wall Street was so strict from the Depression until the 1970s.But now, barely a year after one of the worst crises in all financial history, we seem to have returned to the Gilded Age of t

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Wall Street’s New Gilded Age A year after the crash, a few financial giants are back to making mill

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