The Wealth of Wall Street with Oren Cass

The podcast explores the increasing financialization of the American economy and its potential drawbacks. Oren Cass, chief economist at American Compass, argues that the financial sector's growth has not translated into real-world investment or productivity. He suggests that the pursuit of profit has become detached from creating tangible value, citing examples like high-frequency trading and private equity firms. Cass contends that this trend, fueled by a misinterpretation of Adam Smith's "invisible hand," prioritizes consumption over production and job creation. He advocates for broad-based constraints, transparency, and a cultural shift away from equating profit with societal good, emphasizing the need to rebalance the economy and prioritize domestic investment.