T he frauds who caused the 2008 crisis were not meritorious experts; they were privileged cronies of corrupt politicians. In democracy, a politician has to pick experts for various government roles, but he has no ability to judge who is an expert because he’s just an ignorant politician. So he picks his friends—no matter how foolish or greedy they are.
Whom would you trust to pick the smartest doctor in the country? The collective opinion of all qualified health professionals? Or President Bush? Those who are clueless about healthcare should not vote for the healthcare leadership, because non-experts have no ability to identify who is qualified. Meritocracy would have prevented the 2008 financial crisis. Many meritorious experts saw the warning signs, but were ignored by corrupt and stupid politicians.
