FT, here is an “innocent” question to Obama and his White House advisors.

Sir, Sam Fleming reports: “During the past 65 years, middle-class incomes have gone from doubling once a generation to showing almost no growth by some measures”, and quotes Obama with “we need to do more to restore the link between hard work and opportunities”, “White House warns on risk to growth” February 20.

And, as you know, I would innocently ask White House advisors the following: Don’t you think that it might have something to do with those recent bank regulations by which we allow banks to earn much higher risk-adjusted returns on equity when financing the extraction of value from the "safer" past, than when financing the "riskier" construction of the future?... In the Home of the Brave?