Wednesday, September 22, 2010

Charlie and Warren, Birds of a Feather......

Took a couple of PTO days last week, sssh don't tell anyone, only to have a computer problem which was resolved last evening, so my apologies for not posting of late.

Birds of a Feather Flock Together

Regular readers know I have been intensely critical of the Oracle Warren Buffett. I have criticised the hypocrisy of so many of his statements that I cannot count that high, (I didn't go to Harvard or Yale), yet so many continue to kneel before him!

Statements like Tony Hayward of BP should go so we can all feel better about the spill while simultaneously supporting Lord Blankfein over at six feet under without public tit sucking Goldman Sachs or his testimony before the Financial Crisis Inquiry Commission where the Oracle stated that "CEO's of companies that needed public help should go away broke" are just a few of the many out there.

Recently Warren's #2 at Berkshire Hathaway Charlie Munger had some interesting comments during a lecture at the University of Michigan recently. Just in case you were wondering, Anna Nicole, eeerrr excuse me Becky Quick moderated the discussion. Below are a few gems from the discussion:

“You should thank God” for bank bailouts, Munger said. “Now, if you talk about bailouts for everybody else, there comes a place where if you just start bailing out all the individuals instead of telling them to adapt, the culture dies.”

Bank rescues allowed the U.S. to avoid what could have been an “awful” downturn and will help the country as it deals with the housing slump, Munger, 86, said.

"Hit the economy with enough misery and enough disruption, destroy the currency, and God knows what happens,” Munger said.

“So I think when you have troubles like that you shouldn't be bitching about a little bailout. You should have been thinking it should have been bigger.”

"Germany was unable to stabilize its financial system in the 1920s, and, Munger said, “We ended up with Adolf Hitler”

I am at a loss for words to describe the arrogance and gall flowing from Munger's mouth.

Note the Armageddon/fear comment at the end with the Hitler analogy to justify the bailout, very Hank Paulsonesque no?

Rather than insult the 86 yr old Munger, (by the way Charlie, Hitler came to power as a result of drunken sailor money printing in Germany, apologies to drunken sailors as they spend their own dough) for the next 1000 words, which would be quite easy and most deserving, I want you to read one last snippet from the discussion at U of M. Someone from the crowd asked whether the government should have bailed out homeowners instead of Wall Street, to which Munger said:

“You’ve got it exactly wrong.”

“There’s danger in just shoveling out money to people who say, ‘My life is a little harder than it used to be,’”

“At a certain place you’ve got to say to the people, ‘Suck it in and cope, buddy. Suck it in and cope.’”

Yes Charlie bailouts are essential and should be much bigger, most especially when thoust ass is in a sling with said position you pathetic, little, narcissistic charlatan. How arrogant can a person be? Actually the more I consider his comments,I think Munger is absolutely insane.

The truly sad and worse fact about this is that the crowd in front of him, and Buffet whenever he speaks, sit there like zombies, or rather more accurately prozac'd, ritalin'd, ambien'd zombies and soaks up this absolute unmitigated and total shit he is dispensing!

Gotta save the system, gotta prevent Armageddon, pass the bailouts or martial law ahead. Remember all those thinly veiled threats and admonitions from out leaders and pundits? I have oft said that we don't stand a chance with the likes of those in charge leading and deciding the way. Munger's quotes are crystal clear evidence that not only do we not stand a chance, the ONLY way we do stand one is to blow the whole system up and start over.

This is Wall St. readers. Munger and Buffet are widely considered the leading lights of today's financial landscape. I can only encourage you, yet again to govern yourself accordingly.

I won't hold my breath on that but in the least, keep talking Charlie and Warren. Keep endowing your brand of purported 'wisdom' on your grovelling little Jonestown-esque cult followers. In the least your words will remain in history to expose you to future generations for what you really and truly are, narcissistic charlatans the both of you.

Before I forget and just in case you missed the news, U.S. housing for June were revised downwards to -1.2% from their originally reported -0.3%. Don't feel bad underestimating the decline, most of the highly paid economists on Wall St. and in Washington did as well.

Good speculating to you all and please remember to never forget that "an investor is a speculator who made a mistake and will not admit it".

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