What does “the economy” really mean?
Wall Street has their economy, and the rest of us have another. It doesn’t always follow that a booming stock market means higher pay for people at the bottom.
I saw a clip of investor Jeremy Grantham saying that so much of what Wall Street does is invent increasingly weird and opaque financial instruments that make money from money and benefit the banks but not really anyone else, except perhaps as a distant faint echo.
