Firing a bad hire can be just as or more expensive than hiring them in the first place.

I agree with your overall points- especially with regard to respecting your candidates time. You do need to verify that the relevant information they provide is correct however. You wouldn't make a significant investment in finances, buying a car, marrying someone, or go into business with someone if you didn't trust that you have a decent understanding of what you're getting into.

Then again, if you do, it's a lesson you'll learn rather quickly. Respect yes, blind trust no.