The Financial Industry Takes Too Much
Feature Article By Anthony M. Freed, ♦ ISR Financial Editor
“The financial sector itself has been building for many decades into the largest single element of the American economy. We have moved to a world where far too many of us seemingly no longer make anything; we’re merely trading pieces of paper, swapping stocks and bonds back and forth with one another, and paying our financial croupiers a veritable fortune.
In the process, we have inevitably added even more costs by creating ever more complex financial derivatives, in which huge and unfathomable risks have been built into the financial system.” - John Bogle, Vanguard Founder
