The Big Short: Inside the Doomsday Machine

by Michael Lewis

This woman wasn’t saying that Wall Street bankers were corrupt. She was saying that they were stupid.

Or they just dont care.

A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.

“I was sitting there listening to him. I had an epiphany. I said to myself, ‘Oh my God, he’s dumb!’

What are the odds that people will make smart decisions about money if they don’t need to make smart decisions—if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they’re still all wrong.