1. Data from the Federal Reserve Bank of St. Louis’s FRED—Federal Reserve Economic Data—website:;

2. The economist who has done the most to count and track the hypertrophy of the American finance sector is New York University’s Thomas Philippon. His CV is at See especially: “Finance vs. Wal-Mart: Why Are Financial Services so Expensive?” in Rethinking the Financial Crisis, edited by Alan Blinder, Andrew Lo, and Robert Solow (New York: Russell Sage Foundation, 2013); “Wages and Human Capital in the U.S. Financial Industry: 1909–2006,” with Ariell Reshef, Quarterly Journal of Economics ...

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