Friday, April 10, 2009

Fancy Finance


Part of the problem is that boring banking would mean poorer bankers, and the financial industry still has a lot of friends in high places. But it’s also a matter of ideology: Despite everything that has happened, most people in positions of power still associate fancy finance with economic progress.

Warning should've been when people started referring to "financial products." Financial institutions are middlemen, skimmers. They don't produce anything. "Financial innovation" is almost entirely a ridiculous concept.