Over the last 35 years, Wall Street grew into an outsize part of the American economy. The financial sector now accounts for one fifth of U.S. corporate profits, which puts it neck and neck with manufacturing, an industry that employs twice as many workers.
During its transformation in the 1980s, Wall Street also turned into a top recruiter of graduates from fancy colleges. This is still true. Despite the humiliations of the financial crisis, which revealed how Wall Street’s complex dealings had undermined the public interest, it remains the most popular destination for Harvard and Yale students entering the workforce.