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The Democratization of Finance

From The Atlantic, an excerpt from President Obama's interview with NYT correspondent David Leonhardt:

The democratization of finance is a concept popularized in at least two of Robert Shiller's books. (I'm going to assume Obama is referring to Shiller because this New Republic article tells me Shiller is a big hit in the White House.) But the democratization of finance has not much to do with Wall Street making lives better and a lot to do with citizens learning more about Wall Street. As Shiller writes (in the Subprime Solution), democratizing finance is about "extending the application of sound financial principles to a larger and larger segment of society and using all the modern technology at our disposal to achieve that goal." It implies that we should do things like subsidize financial advice.

What do you think?