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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.

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