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Most people believe 2008 was caused by single mothers (as an example) "buying a home they couldn't afford." The reality is it was the upper-middle class, non fi
by yardie 4y ago
Most people believe 2008 was caused by single mothers (as an example) "buying a home they couldn't afford." The reality is it was the upper-middle class, non finance professionals just thinking they were savvy. When your doctor, dentist, or general contractor gives you financial advice you should run the other way!
I see this playing out now with cryptocurrency. Suddenly, everyone is an expert on Bitcoin!
- adamsmith143 4y ago> The reality is it was the upper-middle class, non finance professionals just thinking they were savvy. But also lots of highly educated Ivy League Finance folks who thought they were smarter than the were. Hence Bear Stearns, Lehman Brothers, AIG, Merill Lynch, etc.
- mywittyname 4y agoThese people bankrupted two long-time pillars of in industry in a matter of months. That's impressive.