The bourse and the city, updated

I was re-reading my “Tickertape Tales” paper recently and thought it sounded dated. Among the changes since then:

* most obviously, the burst of the tech bubble kind of put an end to Nasdaq triumphalism;
* the residential price bubble, which is is consuming more GDP than the tech bubble did, and appears to be a major factor in investor-driven CBD condo markets;
* outsourcing FIRE work, first to back offices like Omaha (e.g., Ameritrade) and then to India; and
* the role of the shift from defined-benefit to defined-contribution retirement plans, which the paper completely overlooked as a reason for the explosion of financial-services advertising spending.