All I will add is... You are close to realising the problem. Financialization is a consequence not a cause. The cause is demographic. Why and how did pension

All I will add is... You are close to realising the problem. Financialization is a consequence not a cause. The cause is demographic. Why and how did pension funds grew so much need to own everything and get money? Spoiler: this happened in steps with Boomers investing in their retirement. Because they were so numerous it flooded everything. Second Spoiler: they also had (and still have) the political power by sheer number, which warped the regulatory environment.