“In 1982, the year I joined GE, about 10% of the earnings of the S&P 500 were in financial services. The US was a net exporter. R&D as a percentage of GDP was in the mid single digits. GE revenues were 80% in the U.S., 20% out of U.S.”
By 2007, financial services earnings as a percentage of the S&P were about 45%. The U.S. was a net importer…R&D as a percentage of GDP had slipped to about 2%.