What Good Is Wall Street?
Much of what investment bankers do is socially worthless.
For a long time, economists and policymakers have accepted the financial industry’s appraisal of its own worth, ignoring the market failures and other pathologies that plague it. Even after all that has happened, there is a tendency in Congress and the White House to defer to Wall Street because what happens there, befuddling as it may be to outsiders, is essential to the country’s prosperity. Finally, dissidents like Paul Woolley are questioning this ... Full Story »
Posted by Jon Mitchell - via Umair Haque, Memeorandum, New Yorker, Ray Nichols (t), Malorie Jae Lucich (t), Peter Avalos (t), George Moga (t), Ellie Kesselman (t), Joey Baker (t), Johan Jessen (t), Donica Mensing (t), Salvador Sala (t), Jon Mitchell (f), Tobie Openshaw (f), Gian Antelles (f), Allan Foster (f), Alex Williams (f)
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