NYT Opinion Article for Parents of Future I-Bankers

[Anonymous]

Food for thought for the parents of future titans of Finance...(Finance, Economics, or Business majors depending on the school...)

Many pithy hot takes in here, many of which align with my observations being in a client industry that high finance analyzes, restructures, and repackages without adding shareholder value or increasing the local economy's resilience.

https://www.nytimes.com/2026/02/06/opinion/capitalism-industry-financialization.html

"financialization does create winners, in those places where finance predominates. Financiers themselves, the armies of consultants and lawyers who advise them, and the communities where they live have profited handsomely. You, dear reader, may be among them. Insofar as that profit did not come from producing anything of value, however, it must represent resources extracted from elsewhere.

The Economic Innovation Group conducts a state-by-state analysis of economic dynamism based on factors including the launch and growth of new businesses, the presence of inventors, and people moving in and working. Nationwide, that dynamism fell precipitously over the past 30 years. Making gains were the homes of the financial centers — California, Connecticut, Delaware, Massachusetts, New Jersey, New York, North Carolina, the District of Columbia — and no one else."

"Financialization is a grift, a rarified form of bookmaking, of no net value to workers and consumers, the economy, or society as a whole. Let’s treat it accordingly. Economists and the news media can stop using the word “invest” in contexts where no investing occurs. “Speculate” or “bet” will do just fine."

"We must be willing to say that the hedge fund managers have no clothes and their parading about is an unpleasant sight for us all. Your daughter has taken a job at Blackstone? My condolences. When the accidental nudists of Wall Street respond that their critics simply lack the sophistication to understand the latest economic fashion, we can all laugh together."

[Anonymous]

Well, yeah, it’s just legal rent-seeking for WASPs

[Anonymous]

I enjoyed that article. But in all honesty, the people making the most money are having the last laugh... and it doesn't matter how ethically that money is created.

[Anonymous]

Agree with the opinion piece 100%, but there are tons of other great career paths for Finance, Economics, and Business majors who want to do something good in the world. I majored in Econ at an Ivy and knew early on that I wanted to go into public service.

[Anonymous]

Yup. They don't actually produce a thing or move humanity forward in anyway. But they surely make a lot of $ and churn the economy.

[Anonymous]

Anonymous wrote:I enjoyed that article. But in all honesty, the people making the most money are having the last laugh... and it doesn't matter how ethically that money is created.

That’s not consistent with my experience. They’re generally resenting their peers and effing up their kids.

[Anonymous]

Anonymous wrote:Agree with the opinion piece 100%, but there are tons of other great career paths for Finance, Economics, and Business majors who want to do something good in the world. I majored in Econ at an Ivy and knew early on that I wanted to go into public service.

I am the OP. I'm also an Econ major who went into public service. Then later into an international trade exposed manufacturing industry. I am pretty outraged by the political and financial mismanagement of our economy and the impact it has on heartland America. So much obvious short-term thinking and naked greed yet there's an endless supply of kids competing to get access to the massive cash grab at the employers who do the damage.

So I liked the opinion piece a lot. Something to think about if your kid is spending all their free time trying to break into one of these roles.