Oren Cass, founder of the MAGA-influential American Compass organization, argues that economic policy in the United States should pivot from its focus on free markets to policies that strengthen the economic power of workers, encourage domestic manufacturing, and promote long-term national resilience.

Cass envisions an American economy and society similar to that of the 1950s and early 1960s, when households were made up of the traditional nuclear family, two parents, one working and the other nurturing the children, and living in a middle-class neighborhood. Unfortunately, though Cass’s goals are laudable, his vision is infeasible. 

In a recent opinion article, Cass argues that the U.S. finance industry is just a grift that extracts wealth without creating incremental value. He says modern finance increases volatility without creating real value. Moreover, he argues that the largest banks and investment firms move money around and extract profit from existing companies rather than investing and building businesses.

Cass could not be more wrong. The U.S. finance industry is a crown jewel of the economy. The finance industry is........

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