Minority Report

Casey Mulligan is one of the younger bright-lights at the University of Chicago economics department. I knew a guy that was in Casey's cohort back in the mid-90s, and by the time my friend graduated, Casey Mulligan was already full professor at Chicago. For those outside academia, we call that HOLY SHIT as it's rare and happens only twice every passing of Haley's Comet.

Anyway, add Casey to the list taking the minority position that the multiplier effects from the financial sector are small and won't reverberate throughout the broader US economy.

I've heard similar such arguments from David Levine, too.