Chaos of Financial Reform
What is really wrong with our Financial Systems? Non Producers Production of goods and services is essential in any prosperous economy. Can an economy prosper if it is a service economy only? The American economy can not. That however is just part of the answer. The second part of the answer to the question lies in what is considered a service. Care for patients in a nursing home is an extremely important service but it has not always enjoyed much prestige or decent remuneration. Another industry, an altogether different industry, is broadly classified as financial services . Brokerage firms, hedge funds, investment banks, venture capital firms and related businesses are all in this very large financial service sector. All are all very prestigious and the remuneration is much higher than any part of the American economy. Not even film or sports stars come close to Hedge Fund Managers! My contention is that the American economy is in danger of collapse because the fina