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Jeff Montgomery
1 Comment
Berkshire Hathaway Sees Opportunities in Europe and Bond Insurance [view article]
Munger:>These institutions are too big to fail
>Munger jabbed at Alan Greenspan, the former Fed chairman, who he said had “overdosed on Ayn Rand
It's a shame to have to see Rand's Atlas Shrugged being played out in real life, as anything regarded as bad is blamed on freedom and individualism, and measures are advocated which will make it worse, and so on into a downward spiral. Any failures today are precipitated and made worse by the very intervention that is being advocated. To blame markets is like blaming water for being poured from a bucket. Apparently Rand had more insight than most commentators today.
The solution is to let those who make bad decisions fail, and fail sooner and harder. It does nobody a service to prolong the existence of banks that make poor policy decisions or encourage consumers who make poor financial choices; it simply promotes failure and makes it possible and more likely to happen again. We should be promoting ruthless justice and the right way to invest, not encouraging failure.
May 06 10:24 AM