A Quote by Charlie Munger
As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.
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I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have a black belt in spending. They were born with that. But what they gave me was a black belt in chutzpah.
Some musical directors have more chutzpah. They pick up the phone and talk people into giving. I prefer to call and say 'thank you' after the money has been contributed.
Nothing important was ever accomplished without chutzpah. Columbus had chutzpah. The signers of the Declaration of Independence had chutzpah. Don't ever aim doubt at yourself. Laugh at yourself, but don't doubt yourself.
I entered economics because of a course I took on 'information economics,' which I found fascinating.
My mother and my father taught me to look at the actual problem, not the face of it, not the veneer of it. So for me, I was never - I was impressed that it - racially, I was impressed, right, but now in America it's about economics, and it's been about economics, and honestly, everything's been about economics since I don't want to say the beginning of time, but it's been about economics for a long while.
When people are running up more and more debt for housing, they call that "real wealth." It exposes what's wrong in the mainstream economics and why most of the economics that justifies austerity programs and economic shrinkage is in the textbooks is not scientific. Junk economics denies the role of debt and denies the fact that the economic system we have now is dysfunctional.
At the beginning of my sophomore year at Princeton University, I took my first economics course; our textbook was the first edition of Samuelson's 'Economics: An Introductory Analysis.'
In my junior year in college, I was getting kind of tired of French. So, I took an economics course, and I loved it. The rest of my two years in college I spent in economics.
In most cases, strengths and weaknesses are two sides of the same coin. A strength in one situation is a weakness in another, yet often the person can't switch gears. It's a very subtle thing to talk about strengths and weaknesses because almost always they're the same thing.
But when you talk about the education and you talk about the lack of recreation for kids to do, I mean, it's second to none in New Orleans when you talk about the lack of opportunities for young people. And it's not just black kids, it's white kids. It's Asian kids. I had Vietnamese kids in my class that had lack of opportunities.
A conveyor belt of Think Tank pundits and allied operatives poured into the TV studios, and together they built a fortress around Mrs. Thatcher's memory that was rooted in theories about economics. They did this because economics is the only language that wonks understand.
I belong to a bowling team with black and Latino coworkers. And when we get together and we talk about politics - I'm almost quoting him - he said, we don't talk about Black Lives Matters. We talk about what matters to our families. We talk about jobs, and we talk about the fate of the country. That is America, and you can reach those people.
One of the things I learned in 'Slavs!' is that it's much easier to talk about being gay than it is to talk about being a socialist. People are afraid of socialism, and plays that deal with economics are scarier to them.
Never drink more than one cocktail before giving a talk. True, the drinks may relax you, but they may also slur your speech and blur your memory, making you wonder who are all those people out there and why are they staring at you?
I don't think Obama understands basic economics. Not economics that work. He may understand some theory that someone in Princeton sat and dreamed up, but it's not working.
I'm very proud to say I only took one course in economics in college, and it was on Saturday morning - Tuesday, Thursday and Saturday at 8 o'clock. Now I don't know what your college experience was like, but I'll tell ya, on Saturday morning at 8 o'clock, the last thing I wanted to do was go to economics class.
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