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‘It’s a note about financialization…the zombiefication of our economy and the oligarchification of our society.
‘Financialization is profit margin growth without labor productivity growth.
‘Financialization is the zero-sum game aspect of capitalism, where profit margin growth is both pulled forward from future real growth and pulled away from current economic risk-taking.
‘Financialization is the smiley-face perversion of Smith’s invisible hand and Schumpeter’s creative destruction. It is a profoundly repressive political equilibrium that masks itself in the common knowledge of “Yay, capitalism!”.
‘What does Wall Street get out of financialization? A valuation story to sell.
‘What does management get out of financialization? Stock-based compensation.
‘What does the Fed get out of financialization? A (very) grateful Wall Street.
‘What does the White House get out of financialization? Re-election.’