<p>If investment banking was irrelevant, then why the industry exists? WE did not bail them out, somebody who we elected did and they did it to other industries with the cost of $500k / job sometime and most results are either complete failure or vey ineffective.<br>
Market has to decide which industries to exist and which are to die and what kind of talent they attract. Bailing out of any industry is making this Natural process very ineffective while supporting wages that are much higher than they would be based strictly on market values. Remove the artificial influence and wages will level and positions might not be as attractive any more for very talented.<br>
It is the same as re-building over and over again in area that is flooded very frequently. Why? It makes no sense, except that you know that it will be free for you, so why not? Remove free flow of $$, make it personal responsibility and maybe it will not be so attractive any more.</p>