I think we&#x27;re largely in agreement. When too few people have too large a lever, then a few stupid decisions (amplified by collective crowd following in investment circles) really impedes economic growth. On top of that, in the higher levels of finance, there is an increased decoupling of investments&#x2F;spending decisions from their direct outcomes - both in time, and the adverse personal impact. This hampers the quality of investment decisions.<p>People of all economic levels make smart and stupid decisions with money. If that money is spread out among many people making many decisions, then overall most people do reasonable things and we still can end up with a pretty good economy that is more resistant to bubbles.