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In today's financial geography, Wall Street intersects Main Street. When it comes to sound bites, politicians recognize that ordinary Americans feel the effects of plummeting financial markets in their retirement savings. But, when the discussion turns to reforming financial services regulation, the reformers forget that much of the money that greases the cogs of Wall Street comes from dedicated retirement savings accounts, such as 401(k) accounts. The continuing turmoil in the financial services sector almost certainly will result in regulatory reform. Numerous commentators and policy makers have blamed deregulation, lack of federal oversight, fragmentation of agency authority, or some similar regulatory failing for allowing the growth in subprime mortgages, credit default swaps, and other financial products that have contributed to the financial crisis.
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