One explanation [for the collapse of the mortgage-backed securities market] is reminiscent of Woody Allen’s remark that he wouldn’t want to be a member of any club that would accept him as a member. ... Two Nobel prizes have been awarded, to George Akerlof and to Joseph Stiglitz, for figuring out how to make this point with math. Woody Allen still awaits his prize.
--Christopher Carroll, RGE Monitor, on Woody Allen's insight into adverse selection
UPDATE: Whoops, both Chris Carroll and I misattributed this Groucho Marx insight to Woody Allen.