a strange irony these times are revealing is theres no group weaker, more conformist, ultimately more pathetic, than the "rich and powerful".
they suborn the institutions then prove themselves right about the low quality of the institutions.
i don’t want to be a writer. it’s just there are things i want to say.
republicans are the party of grift. democrats are the party of a nice sinecure.
“numbers do not adequately capture the sense of intensifying lawlessness that seems to have pervaded the health care system.”
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yes! i think Munger frequently quoted / elaborated on the idea.
it isn’t true until there’s a denial.
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it cones from JK Galbraith! www.goodreads.com/quotes/54331...
A quote from The Great Crash 1929
Link Preview: A quote from The Great Crash 1929: In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crime...they’ll want us all to cheer a “great economy” while it kills us with impunity. but check out those GDP numbers!
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from the sketch i’m getting, it sounds like a backing bank is short on capital, and simply disclaims its indebtedness. the fintech synapse has records that says the bank owes it, but it’s dead, its forensics are complicated and insufficient to force recognition of a legal obligation on the bank.
