“That’s where the money is”

Just a quick reminder why the actual Wall Street is an attractive place for those wanting to protest the direction of economic policy. When asked why he robbed banks, Willie Sutton famously allegedly [ed. note – Snopes tells me that Sutton denies having said this and that it was an “enterprising reporter” who attributed this quote to him. Shoot. Well, it’s a good line so I’m going to stick with it, caveat emptor and all that) replied, “That’s where the money is.”

The figure below shows the share of all corporate-sector (about 60 percent of the overall economy) salaries and profits (and profits broken out by themselves) that are claimed by the finance sector. After a very brief dip in 2008, the recovery has been fast and has continued (accelerated?) the trend of finance claiming an ever-larger share of the economy. It also shows the share of the overall economy (GDP) earned by finance – and this too has reached its highest level on record.

So why go to Wall Street to demand shared prosperity?

Click figure to enlarge