Buffett and Munger comment…
Says he can’t remember a similar crisis in his lifetime in which residential real estate sent “out the shock waves.” But he’s seen many variations on the theme. “There are these primal urges in trying to get rich and wanting to believe in the tooth fairy.” Munger: “It was a particularly foolish mess.” Even Internet-based delivery of groceries, which was really stupid, was smarter than what happened in the mortgage mess, says Munger.
