The liberals should now be very happy. They have finally chased the symbol of American capitalism out of the United States.
Over the past few days the New York Stock Exchange (NYSE) has been negotiating to sell itself to Deutsche Borse, a German company. Over the past decade the number of international IPOs has significantly declined. The number of foreign companies choosing to list their shares on American exchanges significantly declined. This is a direct result of four major trends in our country.
1. Excessive taxes. The U.S. corporate tax is th highest in the world.
2. Excessive regulation. Sarbanes/Oxley put the final shackles on the security industry, making it much more expensive to be a public company in the USA.
3. Excessive litigation. America derivative action lawsuits enabled shyster lawyers to continually harass public companies in an attempt to extort money for minor infractions.
The financial community symbolized by the NYSE was the driving force of a successful American capitalistic economy for over 200 years. It was the driving force of New York's economy. It provided financing for numerous American companies seeking capital. Thanks to the liberal impulse to over-tax, over-regulate and over-litigate, American business will be forced to go offshore in seeking capital.