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Janet Tavakoli on the "Myth of the Immoral Debtor"; An email from a Charlie Munger student; "Business as Usual"

By Implode-Explode Heavy Industries

``You and Charlie ?Fear? Munger continue to misrepresent history, and that is why the public?s rage at you and at Wall Street grows with every passing day. And that level of anger will remain elevated and growing and directed at the miscreants known as the ?bailout sympathizers? for as long as the unemployment rate does. We could and should have wiped out the ?too big to fail? equity holders before we wiped out the tax payer. But that would have meant Berkshire?s precious book value would have taken a major hit, and so you used up all of a billionaire?s political capital and traded the ethics and morals you seemingly worked a lifetime to build, to prevent that from happening. Was that trade a good one?''

Full post as published by Mortgage Lender Implode-o-Meter on September 23, 2010 (boomark / email).