As a share of American GDP, the finance industry has doubled in size in the past 40 years, to over 30% of American Corporate profits. Many argue that this presents a real problem for the long-term stability of the U.S. economy. I argue that it presents real concerns for both social justice and the health of our democracy. But how did we get here?
For a pop-cultural record of the impact of the growth of the financial sector, see Selling New York on HGTV. I watched an episode yesterday because I both love New York and am thinking of buying a house (not in NYC). Truth be told, however, the show (“can she sell the $18 million penthouse in time?”) made me a bit sick to my stomach.