Professor Elam

Thursday Sept 23 2010

An earlier post featured reactions to Charlie Munger's talk at the University of Michigan. Munger thought the bailouts were justified and that the rest of us needed to suck it up. Mish posted some more reaction to what all, including myself, are calling a Marie Antoinette moment. 

Charlie Munger is Warrent Buffet's partner in Berkshire Hathaway. BRK has been hailed as the way to do it and Buffet has more or less become enshrined. But now the idol's clay feet are showing. This is the nature of bear markets. Like the Wizard of Oz pulling various levers behind the curtain, Buffet gets a bailout for Wells Fargo which he owns which in turn owned various failed mortgage lenders. Whew, saved the the government and our power to lobby, no wonder he is an Obama 'adviser.'

No doubt you and I would do better if we could get Washington DC to bail out our mistakes.