Tuesday, September 21, 2010

Pass the Kerosene

Update: Check out Mish's continuing coverage of this story - especially the letter from a former Berskire shareholder to Mr. Buffett.

The economic elites are feeling sassy these days. So much so that the big-time Crony Capitalists are feeling free to speak their minds about how they really feel about the economic dislocations of the past few years.

Hear it firsthand from Charles Munger, described by the shiny young man who introduces him in this video as "one of the most principled leaders in American business." Here, this "principled" man (as long as the government largesse is helping protect or build up his principal), who actually does have a lot of intelligent things to say, shows how disconnected the wealthy elites are from the anger that is building across the country.

Charles Munger's speech at the University of Michigan

Choice quotes:

“You should thank God” for bank bailouts
“Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies.”
“There’s danger in just shoveling out money to people who say, ‘My life is a little harder than it used to be'”

Wow, the political and economic elites truly seem hell-bent on building the bonfires upon which to burn down the entire structure of the economy and Mr. Munger has just poured a tanker truck worth of kerosene on the whole thing. I kept waiting for Charlie to suggest that they all trade in their Gucci loafers for some leather riding boots and ride through Ann Arbor on horseback, whomping the peasants.

When the show trials start, you may rest assured clips of this video will be part of the prosecution's portfolio.

h/t Bloomberg and Mish

No comments: