How Wall Street Destroyed Main Street with Rana Foroohar

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 21 September 2017

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

As you’ll recall, we did our fair share of explaining why Wall Street matters, on the episode featuring Bill Cohan. Today we’re doing a 180 with financial journalist and author Rana Foroohar. Rana’s book, Maker and Takers: How Wall Street Destroyed Main Street, doesn’t exactly paint our economic system in the best light. The book, just released in paperback, explores how the misguided financial practices and philosophies that nearly toppled the global financial system have infiltrated many US businesses. Rana shows how the “financialization of America,” the trend by which finance and its way of thinking have come to reign supreme, is perpetuating Wall Street’s reign over Main Street, widening the gap between rich and poor, and threatening the future of the American Dream. And since it’s not everyday that we have a Financial Times columnist in the studio, we also talked a good bit about the global economy, including Germany, Brexit, and China. Rana is a great storyteller, and it’s through stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, that she shows how we can reverse these trends for a better path forward. If you’re like me and an avid consumer of financial journalism, follow Rana on Twitter for some of the best reporting around. “Better Off” is sponsored by Betterment. We love feedback so please leave us a rating or review in iTunes. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. For a recap of every episode, visit https://www.betterment.com/resources/topics/inside-betterment/better-off-podcast/ Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ https://soundcloud.com/jill-schlesinger http://www.stitcher.com/podcast/jill-on-money http://betteroffpodcast.com/ https://itunes.apple.com/us/podcast/better-off-jill-schlesinger/id431167790?mt=2

Transcript

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0:00.0	Hi, it's Jill Schlesinger. Today on Better Off, author Rana Ferruhar. Her book is
0:08.8	Makers and Takers, how Wall Street destroyed Main Street. Show up to the annual meetings, write letters, let these CEOs know that you understand
0:17.5	that what's good for Wall Street is not necessarily good for Main Street.
0:21.0	Get involved in your local community. Support credit unions,
0:24.3	support community banks. Basically, you know, get involved at the ground level. I
0:28.5	think that's the best thing you can do. Welcome to the Betteroff podcast. We're sponsored by Betterman, the largest independent online
0:36.5	financial advisor. Well, you know, despite stock markets reaching all-time highs,
0:41.9	how are American businesses doing?
0:44.7	Well, according to our guest, Rana Faruhar,
0:47.6	they are falling to new lows.
0:50.3	The reason is that the golden age of US innovation and capitalism has given way to what
0:56.0	Rana Faruhr calls financialization.
0:59.7	Rana's book is Makers and Takers, How Wall Street destroyed Main Street.
1:04.3	She's also the Global Business Colonist and Associate Editor at the Financial Times
1:08.4	and CNN's Global Economic Analyst.
1:11.3	We've had a number of guests come on this program and talk about this very topic
1:16.0	but Rana really has drawn a line in the sand about what has happened to American
1:20.4	business. She divides the world into makers or those companies that serve the real economy and
1:26.9	takers. Those companies or people who are using financial engineering to juice short-term profits and as a result
1:35.0	enrich their shareholders and themselves.
1:37.8	Rana is a fantastic storyteller. We're going to cover a lot of ground not just
1:42.4	what's in her book but what's going on in the global economy and where certain risks lie right now
	...

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