Who knew Wall Street shared the economic views of steel workers, domestic manufacturers, and buggy-whip makers when the automobile was invented? Just like those industries threatened by market realities and a changing economic landscape, Wall Street is calling on Congress to intervene in order to preserve the status quo.
I guess we only call it protectionism when it’s men in hardhats who are at risk of losing jobs. When it’s men in pinstriped suits worried that their industry might dry up, we call it “stabilization.”
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