“”The good news about this democratization of finance is that it powered enormous growth around the world. More people than ever grew out of poverty faster — or got rich faster. But the process became so lucrative that people — imbeciles — who should not have been selling these things got into the food chain of selling them. Banks and insurance companies that should not have even nibbled on them, gorged on them. And companies that should not have been dependent on raising capital through them became dependent.
