The financial sector had grown exponentially in the decades leading up to the crisis—to the point where it accounted for about 40 percent of all corporate profits in the early 2000s, and rebounded from the crash to around 30 percent. And yet it was not very good at doing what it was supposed to do, which is to direct capital toward the best possible investments. Stock trading had little to do with raising money to keep businesses flowing, and more to do with fattening the pockets of the already-wealthy at the expense of the rest of us. Keeping the stock price of a company high was more important to the people who ran it than keeping its factories producing or its workforce paid. A J. P. Morgan executive admitted in a 2011 letter to clients that “reductions in wages and benefits explain[ed] the majority” of the increase in profits.