Thought Experiment

Does America Need Wall Street?

What if we stopped trying to regulate Wall Street and started talking about getting rid of it? Jeff Madrick, author of The Age of Greed, writes in the Washington Post that America needs a financial industry to keep our money safe, make loans and invest. "But that’s not the Wall Street we have. It has used Americans’ savings to make wildly risky trades that fed bankers’ profits. It has not abided by free-market practices." Almost everything would be better without the modern financial industry. "Most gratifying of all, you might not be scrambling for a job that doesn’t exist, as up to 25 million Americans now are."