"Some evidence, including recent Federal Reserve research on consumers holding adjustable-rate mortgages, suggests that awareness could be improved, particularly among borrowers with lower incomes and education levels," Bernanke said in prepared remarks to a conference here on community development. He went on to say that lenders were taking advantage of them.
Why did Bernake suggest people with lower education are stupid?
Are you serious? Are you looking for things to get upset about? He said awareness could be improved. Didn't call anyone stupid. And yes, some people should be more aware of things. It is for their best interest. Literally.
Reply:My interpretation is that those individuals with lower levels of education have not recieved the same lever of financial training as many with higher degrees. It's true. I work at a college, and students (hs grads) come in here knowing very little, if anything at all, about consumer lending, banking, or personal finance. High schools simply do not teach this stuff. That's not an insult to anyone--it's a statement of a need that exists and must be filled. When people know better, they do better.
Reply:My interpretation was that he was saying that poor people recieved lower education.
teeth grinding guard
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