Sanders said “the business model of Wall Street is fraud This is the sort of comment that convinces me that Bernie Sanders doesn’t understand the financial system all that well. After all, this is no different than saying that all Muslims are evil because jihadists attacked Paris over the weekend. That’s just silly, and it’s based on a dangerous and ignorant generalization. What is he saying exactly? Is he saying every accountant, banker, financial analyst, financial planner, manager and sales person on “Wall Street” is part of a fraudulent cartel? This is nothing more than populist rhetoric that some people get charged up about only because they don’t understand the thing they hate. Yes, there is some fraud on Wall Street, but that does not mean the business model of Wall Street is fraud. The next president of the United States shouldn’t engage in earning votes on such lazy and populist thinking. But what’s more alarming, in my opinion, is that Bernie Sanders says these kinds of things because he simply doesn’t seem to understand the financial system or economics all that well. And that makes an extremist that much more dangerous.