A Lesson Learned?
Michael Lewis at Bloomberg comments on the Bright Side of a Total Financial Market Collapse
One of life's rules is that there's bad in good and good in bad. The total collapse of the U.S. financial system is no exception.
Even in the midst of the current financial despair we can look around and identify many collateral benefits.
Our willingness to believe that we can hire some expert to tell us how to outperform markets is a big problem, with big consequences.
Thanks to the current panic many Americans have learned that the experts who advise them what to do with their savings are, at best, fools.
Those customers will now think twice before they listen to their brokers ever again.
One of life's rules is that there's bad in good and good in bad. The total collapse of the U.S. financial system is no exception.
Even in the midst of the current financial despair we can look around and identify many collateral benefits.
Our willingness to believe that we can hire some expert to tell us how to outperform markets is a big problem, with big consequences.
Thanks to the current panic many Americans have learned that the experts who advise them what to do with their savings are, at best, fools.
Those customers will now think twice before they listen to their brokers ever again.
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