Is Wall Street Bad for Business?

Adam Smith, the father of modern capitalism, envisioned the financial system as a helpmate to business: banks would take our savings and invest it in productive new enterprises that would in turn create jobs and prosperity for society as a whole. But deep academic research shows that today only 15 percent of all the money flowing through US financial institutions actually ends up on Main Street. The rest exists in a closed loop of trading, speculation, and “financialization” that is undermining growth, increasing inequality, and leading to extreme politics. What’s gone wrong in our financial system? And how can we fix it? Rana Foroohar, Time columnist and author of Makers and Takers: The Rise of Finance and the Fall of American Business, and Financial Times US Editor Gillian Tett, author of The Silo Effect, discuss the topic. (Book signing to follow.)

Festival: 2016

Watch and Listen: U.S.A.

Wonder what you ever did before Hamilton came along? So do we! Join us for a lively and informal behind-the-scenes look... See more
New legislation in front of Congress would make it legal to carry a concealed, loaded firearm from any state into any... See more
Norman Lear is the prolific television writer and producer of stories about diverse American life—among them “All in... See more
With nearly 40 million people, the innovation powerhouse of Silicon Valley, and the sixth-largest economy in the world... See more
Ideas about living a moral life can be found in all cultures across time. In previous eras, education was meant to... See more
American women have lived their daily lives — before and after the epic election of 2016 and its accompanying drama —... See more