I just got a few books, thanks for the recommendations...
I have "Prelude to Power" open right now. Somewhere I stated that I think that banking stocks by the time they settle will be worth about 10c on dollar compared to where they were. Some of that is because of the capital raising dilutions required and and some of it because banks were making false profits, profits that some call out right fraud.
On page 2-3 of the book it says that in 1950 59% of profits were from manufacturing and 9% from financial activities. From 2000 to 2008 18% of profits were from manufacturing and 34% were from finance.
What exactly does finance do to improve lifestyle and give tangible wealth? Nothing in my opinion, financial services skim from people's real wealth and the more money they are making, the less the rest of us get. Seems that it is people's pensions that predominately paid for that 34%.