I think this debate a great idea in principle, but unfortunately they both lost me around 10 minutes when they both decided to totally pigeonhole the other industry into the worst possible view:

Schiller (paraphrase): "Finance must be more important than programming some little gimmick at Google" - That's not all that Google does.

Wadhwa: "What has finance given us? CDOs, CDSs, subprime loans, housing bubble, economic meltdown" - That's clearly not all that finance has given us.

With both of them being very close-minded about the other industry, the chances of getting a true debate about the pros and cons of each are slim.