Financial services are not a driver of growth, they are a massive tax on the economy. Not only are financial services a cost of doing business for everyone else, they have managed to capture trillions in taxpayer subsidies and bailouts that otherwise could have been used to pay for life-advancing infrastructure in things that matter like energy, water, food, health and education systems.
Finance provides a fraction of the jobs (4% in the US) while extracting a huge chunk of profits (25% of S&P 500 earnings). The self-aggrandizing assertions from finance representatives that the sector is so important to the economy that it must be courted and appeased at all costs, is nothing more than status quo propaganda. Finance is a basic utility required in service to the real economy. But they feed on us, not the other way around. We the people, have to wise up. This clip is classic drivel aimed at terrifying people into submission to finance.
Financial services are “very important” to economy. Britain’s chancellor, Philip Hammond, talks to Bloomberg on a visit to New York.
— Bloomberg TV (@BloombergTV) October 6, 2016