Has 'Financialization' Been Good for Us?

‘Most perplexing of all has been the continued existence of banks that are “too big to fail.” After the hundreds of billions of dollars used to bail out the eight mega-banks following the 2008 debacle, most of the same banks have only grown larger, and the banking industry more concentrated—and more politically influential. In the banks’ defense, their continued growth has made it possible for them to repay the rescue money that was provided to forestall their financial collapse; yet the repayments are hardly sufficient recompense for the widespread and long-lasting economic hardship suffered in the aftermath of the crisis.’ — Edward Morris

This week, our featured book is Wall Streeters: The Creators and Corruptors of American Finance, by Edward Morris. Today, we have an excerpt from Morris’s conclusion, in which he explains his goal in writing his book, and asks readers to consider the finance sector’s increasingly powerful role in the economy, particularly in light of the 2008 financial crisis.

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