Reply to NYT Opinion Article for Parents of Future I-Bankers

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[quote=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."[/quote]

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