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Stock impact report

Something is rotten in the state of the U.S. financial system [Globe and Mail, The (Toronto, Canada)]

First Citizens BancShares, Inc. - Class A (FCNCA) 
TIMOTHY A. CLARY/AFP/Getty Images Vegas and Wall Street have way too much in common, but there is one critical difference: What happens on Wall Street tends not to stay there. That's why the world should worry when the Masters of the Universe start emitting hints of crisis. Does this mean the U.S. financial system – and by implication the world's – is circling the drain of the next meltdown? Probably not, but because markets are so easily spooked it doesn't help that the Trump regime is creating the kryptonite of uncertainty by moving to weaken regulatory guardrails put up for good reason following the fiasco of 2008. Opinion: Markets have proved resilient to Trump's chaos. But investors should be ready for more Its chief instrument here seems to be Michelle Bowman, since June the Fed's vice-chair of supervision, a role critical to bank regulation. As a shot across the regulatory bow, Ms. Bowman has announced plans to cut the Fed's Washington staff 30 per cent by year's end, l Show less Read more
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