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Smart Banks With Dumb Customers Don't Exist

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DUMB AND DUMBER
Roger Lowenstein thinks that making the consumer smarter is not the solution: "Yet a sound economy needs healthy financial institutions. Rather than stop lenders from hurting consumers, the first priority should be to keep the banks from harming themselves. In the short run, solvency is often at odds with what consumers want (or with what they think they want). We should remember that for every mortgage customer that was hosed, others were willingly grabbing all the unsound mortgages they could get. "
SOURCE:   Bloomberg

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