Your last guest accurately observed that we have all been caught with our pants down by the recent financial upendings. However he takes too much of a holier-than-thou position with respect to the average investor's relative illiteracy in the matter.

Two things worth noting:

a) We put faith in the financial system. In hindsight it would seem that faith was blind, and therefore misplaced. Consider however, that we can not move forward without reinvesting some faith in the now supposedly wizened system, or we will not have a financial system as such. We can only hope that the stewards we are appointing to the new and smarter system, are indeed more literate and responsible than the rest of us, the "hapless" investors.

b) What individual or institution in their right minds would willingly just sit watch, while the financial system produced positive returns on investments in the market. In hindsight, again, the returns were chimeric, overzealous, and even sometimes crooked. And granted, far too many of us failed to smartly, and age-appropriately balance and re-balance our portfolios. Nevertheless, the return on investments were (largely) worthy of getting us involved. Unless our literate pundits would have us all stash all our money under the mattress, we the same "illiterate" investors must venture back in.

The interview was way too short. Wish you could've had him for at least another 15 minutes

Brian, this guy speaks volumes!

I've lost almost all of my savings in the stock market. While it's been devastating, I'm realizing that money isn't that important and that I don't need much of it to live the life that I want. I don't like luxury goods or fancy items. All I need is fulfilling work, good books, and good friends and family. And money can't buy those things.

You still need health care, and that isn't cheap.