Warren Buffett's right-hand man gave a dark warning about American finance

[LiberalArkie]

Warren Buffett's right-hand man, Charlie Munger, is worried about American finance.

According to the Berkshire Hathaway vice chairman, we have "a vast gambling culture, and people have made it respectable."

Basically, the stock market is a casino, and too many people want to get rich quickly. He said:

There's way, way too much of that in America. And too much of the new wealth has gone to people who either own a casino or are playing in a casino. And I don't think the exaltation of that group has been good for life generally, and I am to some extent a member of that group.

Snip

http://uk.businessinsider.com/charlie-munger-warns-about-american-finance-2016-4?r=US&IR=T

[hollysmom]

1. I would say a rigged casino.

where access to the faster computer or money managers who want to keep larger accounts so sacrifice other funds to bring larger accounts more profit.

[LiberalArkie]

2. This really is a good article

Another quote:

"The truth of the matter is that ... 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," he said. "Both Elizabeth Warren and Bernie Sanders are not two of my favorite people on earth, but they are absolutely right."

And

What really enabled Hitler to rise was the Great Depression. You put on top of the Weimar inflation the Great Depression, and people were just so demoralized that they were subject to being snookered by a guttersnipe like Adolf Hitler. So I think this stuff is deadly serious in that these crazy fools should never let people like Alan Greenspan – he’s an amiable man, but he’s an idiot – should not make the head of the Federal Reserve and governor of all banking; somebody whose hero is Ayn Rand, who believed in no government at all.

[jwirr]

3. Thanks for the added paragraphs. You would think that even

the rich of this country would care enough about this to want to straighten it out.

[LiberalArkie]

4. I think the 1% are in riot mode.. Steal all they can and run some where else before all the

freebies are gone. Right now they are winning the musical chairs, they just are sweating the music stopping again.

[jwirr]

6. I have considered that a lot of them see the problem and

think that money is going to solve this whole thing. Truthfully Trump should scare the living daylights out of them. I don't think that the rich came out so well after WWII in Germany or wouldn't have if we hadn't stepped in to help.

And Climate Change is a threat to all of us.

They know that this mess is coming they just think it will not touch them.

[LiberalArkie]

8. And there is one thing that the people at the top can never seem to do

is admit that they were wrong on something. They would rather put a bullet in their head than admit that their thinking was wrong.

[jwirr]

9. Especially when it is the poor who are telling them that.

Poor = those under $300,000.

[slipslidingaway]

5. kick for later nt

[Rex]

7. Greenspan decided to print an near unlimited supply of money for his friends on Wall Street.

[Pharaoh]

10. The thing is

they are gambling with our retirement money!

If they win, They Win!

If they lose, it's our money they lose. So they don't really give a fuck........

[Skwmom]

11. Warren Buffet should no about dark since he has no problem preying on people to make money.

http://www.democraticunderground.com/1251580271

http://www.democraticunderground.com/12511282008

[DAngelo136]

12. Here's a pertinent quote from the article

"..So I think this stuff is deadly serious in that these crazy fools should never let people like Alan Greenspan – he’s an amiable man, but he’s an idiot – should not make the head of the Federal Reserve and governor of all banking; somebody whose hero is Ayn Rand, who believed in no government at all."

[Jerry442]

13. What can you say about a society where the most respected and successful...

..are basically casino operators running rigged games?