I have a new Hero: Charles Munger

He’s 85 years old. It is said he walks softly and carries a big pitchfork. He works with Warren Buffet as Vice Chairman of Berkshire Hathaway.

Recent Quotes:

“This is an enormously influential group of people(bankers), and 90 percent of that influence is being spent to gain powers and practices that the world would be better off without,” Munger said yesterday in an interview with Bloomberg Television. “It will be very hard to accomplish the kind of surgery that would be desirable for the wider civilization.”

“We need to remove from the investment banking and the commercial banking industries a lot of the practices and prerogatives that they have so lovingly possessed,” Munger said. “If they are too big to fail, they are too big to be allowed to be as gamey and venal as they’ve been — and as stupid as they’ve been.”

Take that, you crooked, cry-baby bankers.

Just when I thought there weren’t any wise people taking a stand anymore.

The Truth is always good for the Soul.

Source URL:
http://baselinescenario.com/2009/05/05/all-about-optics-predicting-stress-test-outcomes/