Warren Buffett's Main Man Says Give It Up For The Bailouts, Advises People Who've Fall On Hard Times To Stuff It


Charles Munger, the billionaire vice chairman of Berkshire Hathaway, 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.” [Bloomberg]