Kari posted:, including the financial and capital services industry should be taken in the overall picture of deficits.
By the time that the anti Wall St Bernie, Trump and Cruz finish, we will not have a financial services sector left. London will take over much of NYC's functions. And note that financial services are a huge user of IT services, so that goes as well.
Yes the USA does earn quite a bit from our sophisticated financial sector, but stupid politicians don't understand that.
We want to prevent the excess of the 2008 debacle, which was induced by the GOP and the Democrats, who refused to provide proper regulatory oversight of the non banking financial sectors (derivatives, etc) and who didn't demand that banks be adequately capitalized.
But silly Bernie thinks that we will still have a financial sector, based on the old notion of bank deposits used to fund loans. The big Euro banks will eat the US banks alive, and the US banks will relocate most of their capital markets overseas.