"History is a wonderful thing, if only it was true"

Sunday, July 26, 2009

More on Banking

Cleaning files
Spotted this from last spring

Charlie Munger, partner with Warren Buffet

Evil and Folly in banking
But bankers have built and maintained political clout
“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. The conditions of the '20s and '30s gave us Adolf Hitler. That was really serious, and this one's not that serious, but it's the most serious we've had since that one. And it will be politically hard to remove from the system the evil and folly that helped create the mess, because the people who make a lot of money out of the system as it is have a lot of political power and they don't want it changed.”

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