Free for 90 days: Sign up now and get 90 days managed free after your first deposit. See offer details

Coming soon: our new one-on-one advice packages. Learn more

Now available: our new one-on-one advice packages. Learn more

<title>Dismiss</title>
Financial Goals

Ep. 038: How Wall Street Destroyed Main Street with Rana Foroohar

Rana Foroohar shows how the “financialization of America,” is perpetuating Wall Street’s reign over Main Street.

Articles by Jill Schlesinger

By Jill Schlesinger, CFP®
  |  Published: September 21, 2017

As you’ll recall, we did our fair share of explaining why Wall Street matters, on the episode featuring Bill Cohan.

Today we’re doing a 180 with financial journalist and author Rana Foroohar. Rana’s book, “Maker and Takers: How Wall Street Destroyed Main Street,” doesn’t exactly paint our economic system in the best light.

The book, just released in paperback, explores how the misguided financial practices and philosophies that nearly toppled the global financial system have infiltrated many US businesses.

Rana shows how the “financialization of America,” the trend by which finance and its way of thinking have come to reign supreme, is perpetuating Wall Street’s reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream.

And since it’s not everyday that we have a “Financial Times” columnist in the studio, we also talked a good bit about the global economy, including Germany, Brexit, and China.

Rana is a great storyteller, and it’s through stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, that she shows how we can reverse these trends for a better path forward.

If you’re like me and an avid consumer of financial journalism, follow Rana on Twitter for some of the best reporting around.

This article was originally published on Jill Schlesinger’s LinkedIn.

The opinions stated on the Better Off podcast are those of the host, Jill Schlesinger, and her guests, and not those of Betterment or its employees. Any third party links provided are offered as a matter of convenience and are not intended to imply that Betterment endorses, or is affiliated with the owners of or any information contained on those sites, unless expressly stated otherwise. Listen to a preview and subscribe to “Better Off” here.

Recommended Content

View All Resources
The Difference Between Vanguard and Betterment

The Difference Between Vanguard and Betterment

I’ve been asked a lot in the last few months in the transition from my old role at Vanguard to my new role as Chief Growth Officer at Betterment – what’s the difference between the two companies?

Thinking in Bets with Annie Duke

Thinking in Bets with Annie Duke

For most people, it’s difficult to say “I’m not sure” in a world that values and, even, rewards the appearance of certainty.

How Congress Governs the Federal Reserve

How Congress Governs the Federal Reserve

Author Mark Spindel, expert on the Federal Reserve offers an account of Congress’s role in steering the evolution of the Federal Reserve and challenges the myth of its independence.

How would you like to get started?

Your first step toward a smarter investing future starts here.

Create a Betterment account

Go ahead and join the smart, modern way to invest.

Select an investing goal

Answer a few questions, and we'll recommend a portfolio for you.

See what we can do for you

Tell us a bit about yourself, and we'll show you the benefits of investing with us.

Get a free investing checkup

Help us get a sense of your investing approach and see how you could improve.

Transfer a 401(k) or an IRA

Move an existing retirement account into a Betterment IRA.

Download the mobile app

Enjoy the Betterment experience anywhere on the go.

<title>Close</title>

Search our site

For more information and disclosures about the Betterment Resource Center, click here. | See our contributors.