Comments on: How to live with a financially illiterate population http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: Ann Rutledge http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9317 Mon, 30 Nov 2009 01:38:41 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9317 Improving financial literacy might only create “a new cohort of overconfident financial illiterates who think they understand things when they don’t”…?You know, I just don’t think history bears this out. But, disintermediation of powerful institutions (then, the Catholic church; now, the banks) and basic literacy training have to be in place for universal literacy to take place.Or were you thinking MBA courses for the masses? Then I wholeheartedly agree with you, Felix.

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By: mattmc http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9299 Sun, 29 Nov 2009 01:39:27 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9299 But then we end with such garbage coming out of the government, like 529 college savings plans with insane fees and risk levels. Why would I trust them to devise investment products? They’ll probably be forced to advise you to get government bonds so they can borrow more money.We do need to re-regulate the federally backed mortgage market, as that was a source of the bubble, and they are still pushing prices up too high.

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By: drewbie http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9253 Fri, 27 Nov 2009 15:23:35 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9253 A very large number of Americans is always going to *choose to* be financially illiterate, and there’s nothing we *should* do about it.

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By: Felix Salmon http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9252 Fri, 27 Nov 2009 15:22:05 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9252 Far too short to be Posner, Hans.

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By: Hans R Suter http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9221 Thu, 26 Nov 2009 20:35:39 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9221 sure this isn’t a post by posner ?

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By: Jay http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9219 Thu, 26 Nov 2009 20:03:06 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9219 “a very large number of Americans is always going to be XXXXXXXXX illiterate, and there’s nothing we can do about it.””This is why we need a YYYYYYYYY Government Agency: to make sure that people buying ZZZZZZZZZZ don’t end up buying something that’s going to end up exploding in their face.”You can replace XXXXXXX with anything and the first statement is true. So using your logic the government should make all purchases for us.

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By: Matt Stiles http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9217 Thu, 26 Nov 2009 19:16:59 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9217 Why don’t we just use existing laws to prosecute those who defraud people? Tell our judges to grow a pair and treat white collar criminals for the trash that they are.Creating a “protection agency” for everyone and everything creates a sense of personal irresponsibility. People get used to being looked after making them susceptible to schemes never previously thought of. Moreover, what happens when this “protection agency” fails to protect? Can they, too, not become captured?

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By: David Yaseen http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9213 Thu, 26 Nov 2009 15:54:25 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9213 This being obviously, incontrovertibly true, replacing Social Security with individual accounts would impoverish a huge slice of the American population in retirement. Why on earth does this idea ever get so much as a polite hearing?Oh, right…

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By: Joseph j7uy5 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9201 Thu, 26 Nov 2009 06:24:01 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9201 Last time I checked, 50% of the population had below average intelligence. It is 100% likely that this always will be true.Yes, you could require intelligence testing for a mortgage or credit card application. This obviously is a facetious suggestion, but even if it made sense, that would merely force the banks to become even more devious. Or you could create a Consumer Financial Protection Agency. It would decrease the regulatory burden on the banks, and make them more efficient. Plus, it would not only protect the consumers, it would protect the entire economy.

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By: Mike http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/comment-page-1/#comment-9198 Thu, 26 Nov 2009 05:54:27 +0000 http://blogs.reuters.com/felix-salmon/2009/11/25/how-to-live-with-a-financially-illiterate-population/#comment-9198 IQ testing as part of mortgage qualification. An idea whose time has come.

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