This quote from Munger is what I find most interesting:
> I do think, sooner or later, we’ll have an economy back, which will be a moderate economy. It’s quite possible that never again—not again in a long time—will we have a level of employment again like we just lost. We may never get that back for all practical purposes. I don’t know.
There are roughly 2 ways this could go if what he says actually happens. One is that a lot more people are going to suffer economically because of a lack of employment. The other, which is what I'm hoping for but not expecting, is that we take this opportunity to acknowledge that Keynes was right, and we don't have to work as much as we do. If we can strengthen our social safety net so that being out of work does not necessarily imply falling deeply into poverty (not that being unemployed should necessarily be a great deal, just that folks shouldn't be losing their homes and their health insurance, and should still be able to lead a fairly basic life), then I think this whole crisis might have a silver lining.
> I do think, sooner or later, we’ll have an economy back, which will be a moderate economy. It’s quite possible that never again—not again in a long time—will we have a level of employment again like we just lost. We may never get that back for all practical purposes. I don’t know.
There are roughly 2 ways this could go if what he says actually happens. One is that a lot more people are going to suffer economically because of a lack of employment. The other, which is what I'm hoping for but not expecting, is that we take this opportunity to acknowledge that Keynes was right, and we don't have to work as much as we do. If we can strengthen our social safety net so that being out of work does not necessarily imply falling deeply into poverty (not that being unemployed should necessarily be a great deal, just that folks shouldn't be losing their homes and their health insurance, and should still be able to lead a fairly basic life), then I think this whole crisis might have a silver lining.