Munger is clearly advocating for "the Volker Rule" and a middle of the road economic policy when it comes to regulation (It's hard not to agree). The finger po

Munger is clearly advocating for "the Volker Rule" and a middle of the road economic policy when it comes to regulation (It's hard not to agree). The finger pointing at Bershire here from self-proclaimed free market advocates is bunk. In theory, we all benefited indirectly from TARP, they just had enough foresight to position themselves to take advantage of the opportunities presented by the turmoil. It would also be nice to clearly differentiate Bucket Shops and Over-the-Counter Trades. The concepts are very similar, but only one is legal. Anyone have a good explanation? P.S. The article is a good parable, but switching from the casino metaphor to talk of actual casinos threw me for a loop. P.P.S. Most everything is a derivative. The problem is with counter-party risk and transparency. Derivatives are not inherently bad.