I don’t talk to my classmates from business school anymore, many of whom went to work in the financial industry.
Because, through the lens we use here at PeakProsperity.com
to look at the world, I’ve increasingly come to see the financial
industry — with the big banks at its core — as the root cause of
injustice in today’s society. I can no longer separate any personal
affections I might have for my fellow alumni from the evil that their
And I’m choosing that word deliberately: Evil.
my opinion, it’s long past time we be brutally honest about the banks.
Their influence and reach has metastasized to the point where we now
live under a captive system. From our retirement accounts, to our homes,
to the laws we live under — the banks control it all. And they run the
system for their benefit, not ours.
While the banks spent much of the past century consolidating their power, the repeal of the Glass-Steagall Act
in 1999 emboldened them to accelerate their efforts. Since then, the
key trends in the financial industry have been to dismantle regulation
and defang those responsible for enforcing it, to manipulate market
prices (an ambition tremendously helped by the rise of high-frequency
trading algorithms), and to push downside risk onto “muppets” and