Re:Silicon Milkroundabout: Forget the banks, come and join a...
by geebee on Thursday May 05, 2011 @02:36PM
(#2518441)
John Cassidy wrote a piece for the New Yorker titled "what good is wall street?" that takes a dim view of the economic usefulness of the financial sector (1)
It's a long article, but this is probably the strongest case for banking as rent-collection (or even worth, wealth-destruction) you'll read in the mainstream press (ie., as opposed to academic journals).
(1) not an opposition to banking per se, which he sees as immensely valuable
http://www.newyorker.com/reporting/2010/11/29/101129fa_fact_...
It's a long article, but this is probably the strongest case for banking as rent-collection (or even worth, wealth-destruction) you'll read in the mainstream press (ie., as opposed to academic journals).
(1) not an opposition to banking per se, which he sees as immensely valuable