Re: Neither Stupid Nor Evil Edition (Noam Scheiber & Megan McArdle)
Interesting comment about not wanting to be treated by a doctor who was only in it for the money. Why not? I come from a family of lawyers and they're ALL in it for the money and get great results for their clients. In medicine, do you get compensated for concern or skill?
AND regarding confusing loans, when I refinanced my dull fixed rate mortgage a few years ago, a nice lady at the bank sat down with a check-list of the most deadly features of my loan and for each one, asked me "Do you understand this?" and then had me initial it to prove I understood. I'm wondering if this is simply a nice bank PR thingy or actually a legal requirement in CA, where I live. I know when my MBA friends at USC took out student loans, they had to take a CLASS beforehand, which painted the loan repayments in the most horrifying light...maybe requiring stuff like this is the answer?