Charlie Munger: Finance Out of Control

Posted by admin on Saturday, June 4, 2016

Charlie Munger, vice-chair Berkshire Hathaway, Money Quote saying as a Republican, there are few other things he can agree with Elizabeth Warren on – except current state of banking is risky and dangerous. Charlie Munger said:
 

 

“Elizabeth Warren doesn’t agree with me on many subjects, and I wouldn’t agree with her on many subjects, but she is basically right when she says that American finance is out of control and that it isn’t good for the rest of us” — Charlie Munger

 

 

In this quote, Charlie Munger is agreeing with Elizabeth Warren’s assessment that the American financial system has become excessive and unbalanced in a way that negatively impacts most citizens.

While Munger and Warren likely disagree on specific policies or solutions, Munger acknowledges that Warren’s broader point about the financial industry having too much influence and power at the expense of ordinary Americans is valid.

By saying she is “basically right” on this issue, Munger seems to be conceding that the interests of large financial institutions have come to dominate in a way that is unhealthy for society and the overall economy.

Categories: finance Tagged:charlie mungerelizabeth warrenfinance