- Sanders and French economist Piketty are `nuts,' Munger says
- Munger cites Communist China as danger of egalitarian focus
Berkshire Hathaway Inc. Vice Chairman Charles Munger criticized leading candidates from both major U.S. political parties.
At a meeting with investors of his Daily Journal Corp. in Los Angeles Wednesday, Munger, 92, was asked whether a person who couldn’t make money in the gaming industry would be a good fit for the top office in the U.S.
“Well, he did make money for quite a while,” Munger said of Republican Donald Trump. “My attitude is that anybody who makes money running a casino is not morally qualified.”
Munger has long railed against gambling. He’s also criticized some parts of finance as being akin to a casino. At last year’s Daily Journal meeting, he faulted politicians who rely on revenue from gaming or lotteries to balance their budgets.
Munger on Wednesday also commented on Democratic candidate Bernie Sanders. The billionaire said that the Vermont senator and French economist Thomas Piketty were too focused on their egalitarian views and income inequality, and that people will tolerate different outcomes in wealth if they are well deserved.
“My attitude is that both Piketty and Sanders are a little nuts,” Munger said. “If you want to look at what non-egality brings us,” people should look at the Soviet Union, Communist China and North Korea, he said.
Munger said he understands resentment about what he called “undeserved” fortunes, like the wealth that some money managers can accumulate through tax advantages. Yet Munger said that for a democratic country, inequality is a natural outcome.
“As an intellectual he’s a disgrace,” Munger said of Sanders. “Now, I don’t think he’s any worse than some of our Republicans. But at least they’re crazy in a different way.”