The purpose of finance is to allocate capital efficiently. We'd better ensure the next generation of leaders in finance have learned that efficiency means so much more than a narrow focus on profit maximization.
When Roosevelt said, "I see one-third of a nation ill-housed, ill-clad, ill-nourished," Americans knew their president was with them. This attitude was the basis of his rapport with the public, and for his three re-elections.
Jobs numbers were hailed as good news on Friday, with employers adding more than 200,000 jobs last month, and the unemployment rate ticking down to 8.8 percent. Less attention was given to the downside of these numbers.
America has responded to the enormous challenges the economy faces in the short-term and long-term alike with a complete failure of vision and verve. Each political side frets endlessly about its own version of a nightmarish future ahead.