Financialization will not stop until all of America is like Boeing: a once great company doing real innovation turned into a financial engineering instrument to funnel wealth upwards... <i>or</i> until we have cultural pushback on the totally unbridled "shareholder primacy" concept that so many Americans treat as a dictate from god these days.<p>Shareholder primacy is a lunatic idea with appropriately lunatic (and totally foreseeable) outcomes.
Very interesting. I'll have to look into this more.<p>It's disheartening to see the evolution of America. In the early 20th century, America was almost a socialist republic with a lot of pro-socialist ideas, policies, trends, etc. But then America morphed into this anti-socialist and anti-communist fervor. But now, many Americans openly and proudly support Russia. Companies and the government sold American manufacturing and supply chains to China.<p>And now, private equity owns America. America has been bought and sold. Even private equity has installed itself in the government All of the politicans and judges who probably couldn't even win their high school student council races now serve as senators, congressmen, and Supreme Court justices. It's not far fetched that they serve those who paid their way to election and appointment.<p>Finding the exact number is hard, but apparently private equity owns about 10-25% of all residential homes (determining the actual number seems quite slippery and in need of far more in depth research). These are <i>homes</i>. It's all sickening.<p>None of these people and now our government care about anything other than a spreadsheet that says they are worth more than they were last year. It's not hard to imagine the negative downstream effects that has on society.<p>Edit: Removed incorrect number from an incorrect headline.