It was all driven by Wall Street tycoons to get their hands on your money.
I watch westerns and there is always a store front with the words “AGENT” on it. What did that guy do? He was the pre bank. Then came the official bank was local. Most investment was local.
There is different risk and reward in investing locally. I finally considered the risk and social implications of wall street investing and decided to move some of my money local with mortgages to individuals.
I agree, we made wall street richer at the expense of local investment.