Another excerpt from an article in The New Yorker:
...Wall Street has become the preferred destination for the bright young people who used to want to start up their own companies, work for NASA, or join the Peace Corps. At Harvard this spring, about a third of the seniors with secure jobs were heading to work in finance. Ben Friedman, a professor of economics at Harvard, recently wrote an article lamenting "the direction of such a large fraction of our most-skilled, best-educated, and most highly motivated young citizens to the financial sector."
I'm guessing the compounded adverse effect of having so much talent going into finance is not at all small.
Check out the entire article.
Capital Market Dysfunctionality
The Banking Power Utility
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