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

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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]