And yet tenure track jobs are still fiercely competitive. Maybe all the folks applying to those jobs are just the dregs who couldn't cut it as a quant, but I do

And yet tenure track jobs are still fiercely competitive. Maybe all the folks applying to those jobs are just the dregs who couldn't cut it as a quant, but I doubt it. Point being, that despite the fact that you can make more money in industry, universities still have an oversupply of people (both professors and grad students) who are willing to work for peanuts.