Wall Street Amnesia

James Surowiecki explores the phenomenon of investor amnesia: Despite numerous examples of dishonesty and untrustworthiness, investors continue to trust Wall Street firms with their money. “It’s like what Hegel supposedly said: The only thing we learn from history is that we learn nothing from history,” says Barry Ritholtz, who’s quoted in the piece. Surowiecki thinks factors like simple greed and cognitive dissonance are to blame. [%comments]