"When they win they walk off with the profits*, when they lose the taxpayer pays.  We really need to go more directly at these issues like incentives."

Joseph Stiglitz, Nobel laureate economist. (* Note Mr. Stiglitz assumes that reported profits are real.  In the subprime case no profits were actually realized until the Federal government intervened with taxpayer funds.)

Alliance For Economic Stability

Home Quotes CNBC Interview at Berkshire Hathaway May 1, 2009 Annual Shareholder’s Meeting. Charlie Munger, Vice Chairman Berkshire Hathaway

“Evil and folly have crept into our system at steadily increasing amounts. …….And it will be politically hard to remove from the system the evil and folly that helped create the mess, because the people who make a lot of money out of the system as it is have a lot of political power and they don't want it changed."

CNBC Interview at Berkshire Hathaway May 1, 2009 Annual Shareholder’s Meeting. Charlie Munger, Vice Chairman Berkshire Hathaway
 

Contribute Today

Your support allows AES to continue to conduct independent research and investigations of the Regulatory Systems that allowed for the economic crisis. Thank you for your contribution.

Amount:   USD

Who's Online

We have 64 guests online

Share with others