Monday, May 4, 2009

Munger on Banks

Charlie Munger believes that...

"Evil and folly have crept into our system at steadily increasing amounts. And finally it helped create a catastrophe for everyone, created the biggest economic threat since 1930s." - Charlie Munger

...and would like a 100% ban on credit-default swaps.

"It isn't as though the economic world didn’t function quite well without it, and it isn't as though what has happened has been so wonderfully desirable that we should logically want more of it." - Charlie Munger 

When Munger speaks he's usually rather direct.

Adam

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