More investment banking schadenfreude

I have to mention a New York Times op-ed in which Roger Cohen can barely contain his glee at the fate of the “masters of the universe” who may now be seeking alternate employement. I sympathize:

When I taught a journalism course at Princeton a couple of years ago, I was captivated by the bright, curious minds in my class. But when I asked students what they wanted to do, the overwhelming answer was: “Oh, I guess I’ll end up in i-banking.”

Try teaching economics, sir! We’re the ones who really get to see squandered potential: in economics classes, it’s beyond overwhelming. And get this:
According to the Harvard Crimson, 39 percent of work-force-bound Harvard seniors this year are heading for consulting firms and financial sector companies (or were in June). That’s down from 47 percent — almost half the job-bound class — in 2007.

Isn’t that a little bit tragic? Is the only thing we can offer our smartest young people a career in consulting and banking? Is it the only thing our smart young people want to do?

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