Of course there are benefits to the finance industry as a whole, but that doesn't mean the world couldn't do with letting the air out of its tyres a bit.
This is an industry that has an increasing percentage of our smartest minds. Add to that its extreme proximity to all money anywhere. The result? It's obvious that this industry is going to drift towards increasingly smart ways of capturing as much of our money flow as possible.
The finance world seems to become increasingly centralized, where very few companies become better at leveraging their size to increase their share of smart minds, money and power. That is the opposite of what competition is meant to do. With all these advantages, it seems insane that the industry needed a bailout.
It's not a few companies being bad. It's a market structure that can only result in bigger banks needing to pay their staff bigger bonuses to compete with each other, getting more power, extracting more money from everybody else. How could it be otherwise?
This is an industry that has an increasing percentage of our smartest minds. Add to that its extreme proximity to all money anywhere. The result? It's obvious that this industry is going to drift towards increasingly smart ways of capturing as much of our money flow as possible.
The finance world seems to become increasingly centralized, where very few companies become better at leveraging their size to increase their share of smart minds, money and power. That is the opposite of what competition is meant to do. With all these advantages, it seems insane that the industry needed a bailout.
It's not a few companies being bad. It's a market structure that can only result in bigger banks needing to pay their staff bigger bonuses to compete with each other, getting more power, extracting more money from everybody else. How could it be otherwise?