Dear God, thanks for afflicting us with jerks like Charles Munger. If you could arrange for people like him to get a nasty case of piles, that would be awesome. Love, Me.
Charles Munger, the billionaire
vice chairman of Berkshire Hathaway Inc., defended the U.S.
financial-company rescues of 2008 and told students that people
in economic distress should “suck it in and cope.”
“You should thank God” for bank bailouts, Munger said in
a discussion at the University of Michigan on Sept. 14,
according to a video posted on the Internet. “Now, if you talk
about bailouts for everybody else, there comes a place where if
you just start bailing out all the individuals instead of
telling them to adapt, the culture dies.”
Bank rescues allowed the U.S. to avoid what could have been
an “awful” downturn and will help the country as it deals with
the housing slump, Munger, 86, said. He used the example of
post-World War I Germany to explain how the bailouts under
Presidents George W. Bush and Barack Obama were “absolutely
required to save your civilization.”
“Hit the economy with enough misery and enough disruption,
destroy the currency, and God knows what happens,” Munger said.
“So I think when you have troubles like that you shouldn’t be
bitching about a little bailout. You should have been thinking
it should have been bigger.”
Germany was unable to stabilize its financial system in the
1920s, and, Munger said, “We ended up with Adolf Hitler.”
“Charlie Munger is misrepresenting history, and that’s why
Read more at www.bloomberg.com
the public is angry at Wall Street,” said Joshua Rosner, an
analyst at research firm Graham Fisher & Co. “We could have
wiped out the equity holders before we wiped out the taxpayer.”
No comments:
Post a Comment