'The Old English Common Law doctrine of caveat emptor - "let the buyer beware" - was accepted in our colonies and established in the main body of American law. Up to 1933 the buyer was supposed to be able to look out for himself. The seller was permitted to tout his wares as long as he didn't blatantly misrepresent. Our heritage was one of rugged individualists who could take it as well as give it. However, not only Mr. Roosevelt but the people of this great country, shocked by the excesses of the roaring twenties, for which many groups were to blame, said "This cannot happen again." So we changed from the concept of caveat emptor to the doctrine of caveat vendor - "let the seller beware." This fundamental change in our basic thinking, in our mores, took place in but a few years.'
-Dean Matthey, Fifty Years on Wall Street, 1966.
via Michael Lewis, The Money Culture
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