SW Richmond

Charlie Munger: 'We've Screwed Up'

"I would argue that the economists have not been all that good at working concepts of good and evil into their profession. Nor do they understand, at all well, the economic consequences of bad accounting."

Munger tries to paper over the fact that the Austrians predicted this event. Mises called it nothing less than a certainty, and the Austrians among us have seen it coming and been warning about it. NO ONE LISTENED.

'Economists' didn't get it wrong, just the ones the government listens to and has in charge of the central bank. Why are these moronic Neo-Keyenesians in charge? For one reason: they tell the government what it wants to hear, that government has a right to control the economy 'for the good of the people'. This lets them finance the welfare/warfare state, or at least it did for a time. Now that the welfare/warfare state is revealed as a failure, the finger must be pointed elsewhere lest the people realize they are being pushed ever deeper into forced debt servitude by the same people who got us here.

These rich and powerful jackholes who want to stay on top of the pile should just shut their mouths and hide. Doesn't he realize how out of touch he sounds with this ridiculous line:
"we're in for a bad time"

Who the hell is 'we'? Come on down and tell my unemployed neighbors that you feel their pain.

The Bottom's Within Sight - Barron's

"This isn't the end of the world, but you can see it from here."

Thank god, I feel better now.

Whale Watching: Buffett's Move Is Just What Investors Need

This is buffet paying his dues to his masters and trying to restore some confidence in Goldman. Why does the street obsess about them? I am starting to think that Goldman is like the "ring of power" in LOTR. "My Precious!"

I want Goldman cast into the lava, once and for all.