It shattered a long time ago. See Predator Nation by Charles Ferguson. Wall Street not only makes money whether stocks go up or down, Ferguson relates how they control the economics profession in the US.  Testifying or writing papers criticizing them or their operations can literally end your career in economics because so many big shots in the field are on the take.

After Ferguson's movie 'Inside Job' on the 2008 meltdown, some universities like Columbia initiated the requirement for professors to list who they get money from when 'offf duty' from teaching, although the amounts paid are not listed.

Most other universities, like Harvard, have no such requirement.

These are the same economists who Congress calls in for testimony on whether more regulations, or raising taxes on Wall Street bonuses would be 'good' for the economy. Wall Street has everyone on payola,  from government to academia. And the suckers on Main Street get the bill.

Columbia's Business School Dean, R. Glenn Hubbard, for instance lists 'other work' for:

Arcapita
Nomura Holdings America
Laurus Funds
Chart Venture Partners
Ripplewood Holdings

Consulting or Speaking Engagements at
Some Point During the Past Five Years:

U.S. Department of Justice

Airgas,
Alternative Investment Group,
American Century,
America’s Health Insurance Plans,
Apex Brasil,
Association for Corporate Growth,
Bank of America,
Bank of New York Mellon,
Barclays Services Corporation,
BGC,
BNP
Paribas,
Capital Research, Citigroup,
Compagnie Financiere Tradition,
Credit Suisse,
Deutsche Bank,
Fidelity, Franklin Resources,
Freddie Mac, Goldman Sachs,
Intel, JP
Morgan Chase,

Microsoft,
National Rural Utilities Cooperative Finance Corporation,
NMS Group,
Oracle,
Pension Real Estate Association,
Real Estate Roundtable,
Reynolds American,
Royal Bank of Scotland,
Visa
Wells Fargo
_________________________________

Main Street ain't on the list.