The current financial crisis that has led to investors losing tons of money is an example of financial education being overridden by a swamp of overconfidence, arrogance, and a lack of common sense.
The culprits – banks, financial institutions, governments, and policymakers. In general, these ‘intelligent’ people lacked the humility to realize the danger of what they were doing.
The victims – Small investors, retirees, widows, you.
The lessons learnt – None! As they say, ‘History doesn’t repeat itself, but it does rhyme’.
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