Send a Tweet
Most Popular Choices
Poll Analyses
Share on Facebook 11 Share on Twitter 1 Printer Friendly Page More Sharing
General News    H3'ed 9/1/16

Overcharged: The High Cost of High Finance

Follow Me on Twitter     Message Scott Baker
Become a Fan
  (80 fans)
Financial Sector Assets as a percent of GDP
Financial Sector Assets as a percent of GDP
(Image by Roosevelt Institute)
  Details   DMCA

A new 51-page report by the Roosevelt Institute shows that between 1990 - 2023 (projected) the finance sector will have been a net cost to the American economy of $12.9 trillion – $22.7 trillion.  This astronomical amount, composed of:
(1) rents, or excess profits;

(2) misallocation costs, or the price of diverting resources away from non-financial activities;  and

(3) crisis costs, meaning the cost of the 2008 financial crisis means that the average family has half the retirement savings it would have had otherwise.  It means while financial services profits have skyrocketed, ordinary wages have stagnated.

Read the rest of the story HERE:

At rooseveltinstitute.org

 

Must Read 1   Well Said 1   Supported 1  
Rate It | View Ratings

Scott Baker Social Media Pages: Facebook Page       Twitter Page       Linked In Page       Instagram Page

Scott Baker is a Managing Editor & The Economics Editor at Opednews, and a blogger for Huffington Post, Daily Kos, and Global Economic Intersection.

His anthology of updated Opednews articles "America is Not Broke" was published by Tayen Lane Publishing (March, 2015) and may be found here:
http://www.americaisnotbroke.net/

Scott is a former President of Common Ground-NYC (http://commongroundnyc.org/), a Geoist/Georgist activist group. He has written dozens of articles for (more...)
 

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

To View Comments or Join the Conversation: