Some US politicians have invoked the concept of America being the “indispensable nation”. That phrase could be tweaked slightly when applied to Wall Street, which could be said to have the world’s “indispensable banks”.
What they do certainly matters — as everyone discovered in the 2008 financial crisis. And while the world’s largest banks are now to be found in China, one overwhelming fact remains: Wall Street sits in the largest capital market in the world.
