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By Françoise Benhamou

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Citigroup has shed seven hundred billion dollars in assets over the past seven years, while Goldman and Morgan Stanley have shed a quarter of their assets. JPMorgan cut assets last year to avoid a capital surcharge. E. E. Capital. Profit-making opportunities for banks have also shrunk. Thanks in part to the new capital requirements and to new 38 THE NEW YORKER, MAY 16, 2016 rules curbing banks’ proprietary trading, fixed-income trading has dried up, costing banks billions of dollars in revenue. DoddFrank has also reduced the middleman fees that banks collect—for instance, by moving much of the trading of derivatives onto the open market.

They taped a curving maze to the carpet. But the fun of just making a Sphero move competed against the strictures of making it go someplace in particular. The students were able to complete just two lines of code: [Start] [Roll 3 seconds]. The real world kept intruding on the experiments: there are limits to what a little plastic ball can do. In a later class, I watched Jack, a spirited boy who wore the jersey of the Colorado Avalanche’s star forward Nathan MacKinnon. Jack’s two companions were sick that day, so he worked alone.

These Americans know that they’re being left behind, by the economy and by the culture. They sense the indifference or disdain of the winners on the prosperous coasts and in the innovative cities, and it is reciprocated. Trump has seized the Republican nomination by finding scapegoats for the economic hardships and disintegrating lives of working-class whites, while giving these voters a reassuring but false promise of their restoration to the center of American life. He plays to their sense of entitlement, but his hollowness will ultimately deepen their cynicism.

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