Wall street's disproportionate sway over the U.S. economy has caused big problems in recent years, from the subprime crisis to high-frequency-trading debacles. But here's one you may not have noticed: it's crippling innovation.
To understand how, look at the latest victim, the once mighty Hewlett-Packard. It's hard to think of a company that's been as loved and, more recently, loathed. The godfather of high-tech firms, HP was started in a garage in 1939 by two engineers and came to symbolize the Silicon Valley culture of creativity and collaboration. But that was then. For more than a decade, HP has been plagued...
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