A Case Study In The Human Ego - Charlie Munger's Parable Of BasicLand And The Fraud That Is Wall Street. A Fraud Created By Political Idiots.
Charlie Munger is Vice-Chairman of Berkshire Hathaway..... If you don't know what company that is, well, it's Warren Buffet's company.
It is only ego which keeps anyone from admitting Wall Street's brilliance was only fraud. That it was embraced so readily without reason or logic was in fact a lie perpetrated by people with tremendously faulty beliefs. And it was society's faulty beliefs to belief those ego-driven faulty beliefs of often self-aggrandizing political and financial megalomaniacs. Effectively society has run itself off of a cliff by listening to elitist idiots, most of whom were indoctrinated by elitist idiots running our institutions of higher learning. What a surprise. Ivory towered idiots, including more than a few Nobel Prize economists, with unproven theories hide in universities where their unproven theories of insanity are tolerated. Often even embraced. In the real world those views are quickly destroyed by irrefutable mathematical fact, not grandiose theory. Theory often pumped like crack for the sole purpose of the self-aggrandizing ego. Which is why we were the only source I am aware of writing that all of those brainwashed Harvard MBAs headed to Wall Street for a Brave New World were actually headed to their Orwellian slaughter. And doing so when the media, politicians, Harvard MBAs, economists and business leaders were singing the praise of Wall Street's utter stupidity.
The great irony in Munger's remarks is that Berkshire Hathaway has often contributed to this crisis. In other words, Charlie has a little soul searching to do himself. In fact, we all do.
(Link in the title)
<< Home