Well? This is THE question of the era.
The financial system is like an organ in the body of the economy. But is it the heart or the appendix?
It appears likely that official statistics overstate the financial sector’s contribution to GDP, and we now have evidence that this is indeed the case.
Once returns due to term and credit risk are removed, banks look like the average for all US firms.
In fact, banks appear to generate slightly lower returns than average firms !
Boy o’ boy. Have we been hustled.
Here, I Plead
Each Hold A Key,
A Part To Guarantee
Our Great Liberty.
Never Let It Be Said
We Are Succumbed By Dread.
Speak, “Don’t Tread!”
Shriek, “I’m Led
By Liberty’s Forum,
Our People’s Quorum!
Reason Is Our Day!
Justice Is Our Way,
Whistles On The Eagle’s Wing.
This Is What We Dream And Sing!”
Of All We’ve Seen Or Ever Knew
It Rests On What We Say And Do,
Regardless The State Of Style,
The Yard Of Cloth, The Mile Of Smile.
Face The Trouble!
Burst The Bubble!
Dissolve Our Pain.
Achieve Our Gain.
Each Can Reach,
So Reach To Each,
The Best Restitution
For Any Institution.
Network From Matrix,
Matrix From Node,
To Coin A Modern Ode.