Wall Street's ability to create and profit from mortgage securities partly rests on taking advantage of customers who do not know what prices should be or who fail to calculate risk properly, as illustrated by Michael Lewis's accounts and the SEC's Abacus accusations against Goldman Sachs.
causalpending
Speaker
Arnold KlingEvidence Quote
“some customers aren't aware of what prices should be sure and items they don't calculate the risk properly... a lot of their ability to create market is... the ability to take advantage of other people's stupidity”
Created: 6/13/2026, 7:04:06 PM
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