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Alarms went off. In February, former House Speaker New Gingrich and policy analyst Peter Ferrara warned in our "On The Right" column that "Washington is developing plans for your retirement savings."
"The idea," they said, "is for the government to take your retirement savings in return for a promise to pay you some monthly benefit in your retirement years.
"They will tell you that you are 'investing' your money. ... But they will use your money immediately to pay for their unprecedented trillion-dollar budget deficits, leaving nothing to back up their political promises, just as they have raided the Social Security trust funds."
According to Whitney, as revenues dry up, firms will have no choice but to undertake drastic measures. "The key product drivers of Wall Street's revenues and profits over the past decade have been in a structural decline over the past three years," she said. "2010 marks the first year in many in which Wall Street-centric firms will go through structural changes."
Those "structural changes" are associated with fixed-income trading, an area that's expected to nosedive after a boom.
Whitney says the adjustments will occur after 2010 compensation packages are given out.