If you’ve been quietly going about your business this year, you may not have noticed the new class of kings atop of Wall Street. Pity the poor suckers who studied at Harvard Business School and worked the corporate ladder to become mere Fortune 500 CEOs. They’ve had to get by on single or double-digit millions, while hedge fund managers and private equity titans took home hundreds of times that amount.It ends here.
If, on the other hand, you live in a working-class neighborhood in America, you may have noticed a different phenomenon: people losing their homes in a wave of foreclosures that, in some cities, rivals Hurricane Katrina in its destruction. The worst is still to come. There are neighborhoods in places like Cleveland, where a third of the houses sit empty, boarded up, or repossessed. If the devastation looks like a war zone, it’s because it is. Finance has become an arms race, pitting billionaires devising new instruments of wealth accumulation against regulators whose duty is to keep them in check. The regulators are losing badly, in part because Wall Street is closer to the government’s ear than to Main Street. Entire cities may be laid to waste and people’s lives may lie in ruin, but there are still people much wealthier than them, inventing more ingenious ways to screw them.Read what's in-between, here.