Chapter
The Class Divide in Finance and Society
17:45 - 22:40 (04:54)
The host and guest discuss the social class dynamics of the finance industry, touching on topics such as inherited wealth and the impact of Ivy League education.
Clips
In this podcast, the speaker discusses the issue of wealthy kids in finance who have inherited or will inherit vast sums of wealth without any discernible talent.
17:45 - 21:39 (03:54)
Summary
In this podcast, the speaker discusses the issue of wealthy kids in finance who have inherited or will inherit vast sums of wealth without any discernible talent. The speaker raises his concerns about such professionals in finance managing hundreds of millions of dollars.
ChapterThe Class Divide in Finance and Society
Episode"Michael Lewis"
PodcastSmartLess
The nature of Wall Street has changed.
21:39 - 22:40 (01:00)
Summary
The nature of Wall Street has changed. It's now an engine for ossifying the social status quo and not for social mobility as it was previously. Graduates from prestigious schools like Harvard, Princeton, and Yale, get top-paying jobs at Wall Street companies such as Goldman Sachs, but the increasing automation of Wall Street jobs has meant overall reduced upward mobility.