I basically agree. It's unjust that anyone can go broke in Vegas but only rich or connected people can get a chance at pre-IPO returns. I'd support the accredited-investor thing more if it were more like you had to pass a financial rationality test and wait through a cooling-off period. It'd be undignified, but how about an official SEC qualifying poker league?
Ya, I think a financial literacy test could be appropriate, although that's not my preferred solution. I'd prefer it all be mediated by civil law. That is, everyone is free to do what they will: create financial products, purchase financial products. But the court system would intervene in cases of clear deceit, or manipulation of naivete (obviously there's some subjectivity here, but I think that's ok).
