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Charles T. Munger - How We Can Restore Confidence


Parsad
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"Interest groups" should eat some dust that they created. When you take so much of the taxpayers money to fix the mess of these "interest groups", they should at least be decent and shut up. But if they don't (and with the moral hazard that we've seen over the past few years, let me guess that they will not), they should at least don't get a listening ear from politicians.

 

It's time for a clean up. You don't clean nuclear wastes with a mop.

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The "discipline" of economics is in crisis--whether they accept it or not. Nothing new but I like this bit.

 

"But many in academia, too, will resist. It is important that reform plans mix moral and accounting concepts with traditional economic concepts. Many economists take fierce pride in opposing that sort of mixed reasoning. But what these economists like to think about is functionally intertwined, in complex ways, with what they don't like to think about. Those who resist the wider thinking are acting as engineers would if they rounded pi from 3.14 to an even 3 to simplify their calculations. The result is a kind of willful ignorance that fails to understand much that is important."

 

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