johnforbes wrote:Elkin, even for you, that's a remarkably dumb post.
Didn't you once say you invested?
It was originally opined by Charlie Munger.
Now don't you looks stupid, or do you thrill yourself in reaching new heights of idiocy every time you post. Idiocy must be like a drug, addictive. So instead of your typical ad hominem attacks and feeble childish insults please use whatever matter that is left in that void between your ears and perhaps you should post something that's reasonably intelligent sounding.
On the Wall Street meltdown: It all started with an asinine bubble. The cause was a combination of megalomania, stupidity, insanity, and I would say evil on the part of bankers and mortgage brokers.
And it was widespread. Alan Greenspan was a smart guy, but he totally overdosed on Ayn Rand when he was young. You can't give bankers the freedom to create gambling games. That's what it was. Wall Street was a gambling house, and the house's odds were better than a Vegas casino. And real casino operators have to build parking lots, fly in entertainers, pay for bars and restaurants. It's expensive. Wall Street was like a casino with no overhead. It was hog heaven for them. But it created vast damage with terrible consequences to civilization.
None of us should fall for the idea that this was constructive capitalism. In the 1920s they called it bucket shops -- just the name tells you it's bad -- and they eventually made it illegal, and rightly so. They should do the same this time.
