3 ms·
2008 showed us what happens when idiocy and fraud become commonplace and without consequence. Better a few lose their shirts, such that others maintain a healt
by ethbr0 4y ago
2008 showed us what happens when idiocy and fraud become commonplace and without consequence.
Better a few lose their shirts, such that others maintain a healthy dose of fear to motivate due diligence.
- zpeti 4y agoDo you think the same about all the inner city minority people who got adjusted rate mortgages which all collapsed in 2008, some who couldn’t even read, and were conned by banks? Why didn’t they make sure they understood what they were getting into?
- piva00 4y agoThey weren't sophisticated financial investors, they were conned by big finance.
- ethbr0 4y agoEh, little of column A, little of column B on the "conned." They were offered a contract, took it, got something (a home they probably couldn't afford), and then lost their home when rates exploded. "Conned" seems a little strong for agreeing to a bad contract. On the other hand, to the original point, it seems fair to expect bond traders to be more financially sophisticated than home buyers.