"The core purpose of status quo finance is to coax people into accepting risks that they would not, if fully informed, consent to bear."
This. If you have money, and let it be known that you have money, you will be offered a large number of stupid deals. There is a huge range of financial products out there which underperform the market. Amazingly, people buy them. Wealthy people.
The deals offered poor people, such as payday loans, and crap auto loans, suck even worse. Most Americans were better off when we had regulated savings and loans, tightly regulated banks, and a much narrower range of financial products.
This. If you have money, and let it be known that you have money, you will be offered a large number of stupid deals. There is a huge range of financial products out there which underperform the market. Amazingly, people buy them. Wealthy people.
The deals offered poor people, such as payday loans, and crap auto loans, suck even worse. Most Americans were better off when we had regulated savings and loans, tightly regulated banks, and a much narrower range of financial products.