Charlie Munger: U.S. Rich-Poor Gap Will Bridge Itself
Charlie Munger, Warren Buffet's right hand man, feels that the focus upon inequality is mistake. The situation is temporary and will soon correct itself.
The rich benefited the last decade from the easing by the central banks. According to Munger, this was not because of the love for the rich. It was simply a situation that the central banks had no other tools in their kit.
It is also a situation that is going to reverse itself as Munger does not see rates dropping much further.
Many pointed to the bubbles in all assets classes as the mechanism which will reverse. This will reduce the inequality when the bubble burst which most see happening in the next couple of years.
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What a load of crap. Rich Wall Street talking heads selling dreams. The income gaps are due to poor people living with unlivable pay while CEOs take home Millions of dollars yearly. A bubble or burst bubble is not going to change that. The gaps would disappear if workers were payed correctly.