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September 1, 2016

Overcharged: The High Cost of High Finance

By Scott Baker

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 m ...

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Financial Sector Assets as a percent of GDP
Financial Sector Assets as a percent of GDP
(Image by Roosevelt Institute)
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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.



Authors Website: http://newthinking.blogspot.com/

Authors Bio:

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 Common Ground's national publication, GroundSwell, and has advocated for the Georgist Land Value Tax to public and political audiences.

A complete list of his publications can be found here:

http://www.cooperative-individualism.org/georgists_unitedstates-ba-be.htm



He is also New York State Coordinator for the Public Banking Institute

http://www.publicbankinginstitute.org/find_a_chapter, which seeks to promote Public Banking. The PBI is chaired by another OEN blogger, Ellen Brown.
Scott has appeared on TV/Radio and in in-person Presentations to explain the principles of Georgism, Greenbacking, and State Banking. These may also be found on his personal blog: http://newthinking.blogspot.com/


Scott has a dozen progressive petitions on Change.org which may be found here:

http://chn.ge/10nUAmJ

Scott was an I.T. Manager for a major New York university for over two decades where he earned a Certificate for Frontline Leadership.


He had a video game published in Compute! Magazine: http://www.atarimagazines.com/compute/issue55/dark.php

Scott is a graduate and adjunct faculty of the Henry George School of Social Science in New York City.


Scott is a modern-day Renaissance Man with interests in economics, science and all future-forward topics.

He has been called an "adept syncretist" by Kirkus Discoveries for his novel, NeitherWorld - a two-volume opus blending Native American myth, archaeological detail, government conspiracy, with a sci-fi flair http://amzn.to/10nUoDV


Scott grew up in New York City and Pennsylvania. He graduated with honors and a Bachelor's degree in Psychology from Pennsylvania State University and was a member of the Psychology honor society PSI CHI.

Today he is an avid bicyclist and ride co-leader in a prominent bike advocacy organization.

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