3min chapter

The Joe Walker Podcast cover image

Rational Minds Part 5: Heuristics Make Us Smart - Gerd Gigerenzer

The Joe Walker Podcast

CHAPTER

The Importance of Financial Literacy in the US Housing Market

Most of the American public, including also other countries, have no education in financial literacy. The banks at this time had no incentives to make this very clear because they were profiting from the premium they were going on. It's not just the people who are largely ignorant in the financial situation; it's the entire system that has also incentives to blow things up and then, yeah, start again.

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