The most recent kerfuffle involving the alleged depredations of Goldman Sachs illustrates a fundamental cause of our recent economic problems. No, not Goldman and other institutions taking advantage of innocent consumers, although some of the latter undoubtedly occurred. I'm talking about major institutions doing nothing to protect their own interests, even though they possessed the knowledge and resources to do so.
All the regulation in the world will be useless if people don't take responsibility for themselves and ask necessary questions, and walk away from deals if they don't get sensible answers. Certainly, there are those who lack the education and/or mental capacity to protect themselves, and are in need of government guidance or more. However, the Goldman Sachs' of the world rarely, if never deal with such persons, and should not be expected to treat their counterparties like ignorant consumers.
For more: Marty Robins: Feel Cheated by Wall Street? Look in a Mirror -- Not to Washington!
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