Sep

20

Bailout Mungering, from Gary Rogan

September 20, 2010 |

Charlie MungerMunger says, `Thank God` U.S. Opted for Bailouts Over Handouts ( I guess those were the only two choices).

Bailouts “absolutely required to save your civilization.”

Ralph Vince writes:

Absolutely required?

Nonsense.

Interbank trades result in a winner and a loser. When a trade transpires, the net is that no money is created and no money is lost.

Making up for the losing wagers of losers is NOT necessary for civilization. In fact, it jumps the necessary evolutionary cleansing (and pain) life requires.

It was the largest theft in the history of humankind, and if we really were teetering on the brink of economic collapse, those funds could have been far better spent than to selectively (with great cronyism) bailout institutions of losers and compulsive gamblers.

 


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