Subject: WSJ Munger Quote on Banks
Intelligent Investor Column

Jason Zweig

March 17, 2023

'Capitalism without failure is like religion without hell,' Berkshire Hathaway Inc. Vice Chairman Charlie Munger has said, paraphrasing the late economist Allan Meltzer.

This week, however, Mr. Munger struck a much more serious tone when he told me: 'I'd prefer to live in a world where nobody did anything undisciplined or stupid and so forth, but we don't live in that kind of a world. And therefore the decisions have to be made for the way the world is, not the way we'd like it to be.

He added: 'The way the world is, the government had no alternative but to back all deposits. Or we would have had the biggest goddamn bunch of bank runs you ever saw.'

https://www.wsj.com/articles/w...