No one in this world, so far as I know—and I have researched the records for years, and employed agents to help me—has ever lost money by underestimating the intelligence of the great masses of the plain people. Nor has anyone ever lost public office thereby.
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Notes from Wikiquote
The first sentence is often paraphrased as "No one ever went broke underestimating the intelligence of the American people." (The Yale Book of Quotations, 2006, p. 512)