Thomas Philippon: Finance vs. Wal-Mart: Why are Financial Services so Expensive?: “Despite its fast computers and credit derivatives… …the current financial system does not seem better at transferring funds from savers to borrowers than the financial system of 1910. The role of the finance industry is to produce, trade and settle financial contracts that can … Continue reading Nighttime Must-Read: Thomas Philippon: Finance vs. Wal-Mart: Why are Financial Services so Expensive?