By David Weidner, MarketWatch
The one thing I’d add is that financial technology, or fintech, is creating new competition for the big banks and brokerages. Sharing, artificial intelligence, encryption and technology’s relentless drive to make things easier and smarter are the best hope of ending Wall Street’s ability to put the economy at risk for the gain of a few. In the end, new competition, not regulation, will tilt the balance. If you don’t trust me, trust Jamie Dimon, chief executive and chairman of J.P. Morgan Chase & Co. /zigman2/quotes/205971034/composite JPM +0.34% . “They all want to eat our lunch,” he said of fintech startups . “Every single one of them is going to try.”
Make no mistake” I’m not delusional. The end of this column isn’t going to change your life. Better columns have come and gone. And MarketWatch has a fantastic stable of columnists and contributors, including my favorites, Brett Arends, Rex Nutting and Therese Poletti.
The column could have kept going, grinding on and grasping for more page views. Financial journalism has changed during these 10 years. Charts are pretty hot right now. I wish I could write this piece in a Venn diagram with a heat map of the U.S. Beyond that, there are more voices and choices than ever. That’s good.
There’s also what former Wall Street Journal editor Paul Steiger described as “a blizzard of garbage” out there, too. That’s not good.
Journalism has always been an unjust game and a grind. And I’ve always wondered not only how I’ve survived so long, but how I ended up so blessed. I’m talented, but I’ve seen more talented journalists leave the business. I work hard, but some of my colleagues have worked harder and been less successful. There have been better reporters, better writers, smarter and funnier journalists.
How in the world did I get to write a column on pretty much anything I wanted for nearly a decade?
I didn’t deserve it. But I tried to do the job as if I did.
If you’ve read this far and are wondering what I’ll do next, I don’t have a definitive answer for you. There are still a few good places to work in journalism. Some intriguing ones outside of it. I’m exploring both. I’m taking my time.
No matter what happens, I’m having a better summer than Ellen Pao .
Ultimately, the one thing left to say is the most important: I want to thank the readers and viewers who clicked, read and viewed my work. I want to thank those who wrote comments and sent emails. Even the nasty ones. In the end, I always did it for you, which sounds like a humblebrag and phony, but it’s very true.
Someday when you’re in San Francisco I’ll tell you more over a coffee and $4 toast .
Until then, buy low, sell high, expect honesty, create fairness and never stop doing what you love just because someone said you caused a bank run.