John C. Bogle, the legendary investor and founder of Vanguard, writes in Forbes on the benefits of the definancialization of the economy.

But there is a silver lining around the loss of jobs among the large portion of that 20% who work in financial services. Last year a substantial sum, $620 billion by my rough calculation, poured into a system that supports the money shufflers and middlemen, whom I call the “croupiers,” of the financial services industry. That’s a lot to pay for financial intermediation.

Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at rc2538@columbia.edu.