Apr 22, 2016 2:12 AM GMT
Warren Buffett's right-hand man, Charlie Munger, is worried about American finance.
According to the Berkshire Hathaway vice chairman, we have "a vast gambling culture, and people have made it respectable."
Basically, the stock market is a casino, and too many people want to get rich quickly. He said:
There's way, way too much of that in America. And too much of the new wealth has gone to people who either own a casino or are playing in a casino. And I don't think the exaltation of that group has been good for life generally, and I am to some extent a member of that group....
Munger, a Republican and a billionaire, also said he agreed with the views of Democratic Sen. Elizabeth Warren of Massachusetts and Democratic presidential candidate Sen. Bernie Sanders on this issue...