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Was it H L Menken?

Yes, H L Menken (b. 1880) said ""No one ever went broke underestimating the intelligence of the American public."

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No, it wasn't. It is not a famous quote. Maybe you are thinking of "You can never underestimate the stupidity of the of the general public." Scott Adams, (American Cartoonist, b.1957)

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Yes, it was HL Mencken and it is a famous quote.

"No one in this world, so far as I know-and I have searched the record for years, and employed agents to help me-has ever lost money by underestimating the intelligence of the great masses of the plain people."

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