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.

How do we “read” a photograph? What is the relationship between art production, culture, and justice? And how can... See more
The evolution of the English language is more often thought of as a devolution, particularly with the infiltration of... See more
Atlanta-based defense attorney and #BillionDollarLawyer Drew Findling, who counts international hip-hop star Kiari... See more
Creative expression takes many forms. Through history, art has provoked a range of feelings: emotion, empathy, fear,... See more
As consumers increasingly get their news online, and many news outlets shift from advertising-based business models to... See more
An opportunity to hear Axios Founder and Executive Editor Mike Allen discuss journalism and politics of the day with... See more