Does Wall Street understand Economics?

Thomas DiLorenzo sees a Wall Street hiring model fraught with peril:

Wall Street banksters are known to hire bright, young Ivy League graduates and working them like dogs by holding out the prospect of great riches for the relative few who rise to the top of the heap. They don't need to have studied business or economics; any Ivy League degree will do. After many years of observing this hiring model, I'm beginning to see a real bankruptcy of economic understanding on the part of even the more successful Wall Streeters. Speaking at a financial planners' convention last week I met two hedge fund managers who seemed to believe that the best way to understand depressions in particular, and economics in general, was to read the socialist John Kenneth Galbraith. They thought that quoting him made them look really, really smart.