Berkshire Hathaway Chairman To Unemployed: "SUCK IT" (And "You Should Thank God" For Bank Bailouts)
The famous 'suck it' video.
Warren Buffett's partner, Chalie Munger has a message for anyone who might want to compain about the bailouts.
Bloomberg
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 Bush and Obama "were absolutely required to save your civilization."
TARP cash being passed from Blankfein to Buffett...
Jan 10, 2012 at 4:59 PM
Reader Comments (19)
I love Charlie's wit. He has to be kidding. I hate communists and I can't wait for the revolution. Not the war against the middle class, we've already had that... Larry Kudlow and Barak Obama- 1, hard working middle class Americans -0.
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Nah, they had to give that back.
I'm pretty sure that's AIG's money. I mean...our money.
(Nice photo -- hadn't seen that one before.)
http://finance.fortune.cnn.com/2010/09/20/thank-god-for-bailouts/
Fuck you, Charlie...respectfully....
http://www.rationalwalk.com/?p=9693
This is why I don't give a shit about any strictures set by a "government" that lacks the consent of the so-called governed. You hear that, Timmay?
“Charlie Munger is misrepresenting history, and that’s why 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.”
Perhaps the banksters should have followed that advice, yeah, I know, what would we do without them.
Not have anyone to send our debt payments to, oh my. We can't have that.
"The remarks come as TARP winds down, with few supporters to show for its efforts. The $700 billion program helped to stop the run on the financial markets in the fall of 2008[.]"
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This is Dr. Pitchfork, speaking on behalf of Dr. Pitchfork, and Dr. Pitchfork says "bull shit." The TARP did no such thing. Fed interventions in the CP market, raising the FDIC limit to 250K, and (eventually) the repeal of mark-to-market accounting "helped to stop the run on financial markets."
The TARP did nothing but scare the bejesus out of all and sundry, including people who knew there were problems, but especially people who otherwise wouldn't have noticed that Geithner and Blankfein, et al. had shit their pants. TARP did nothing but turn up the anxiety. Especially when you consider the inflammatory statements made by Bernanke and Paulson.
TARP was a dumb idea, and even Lurch himself (Paulson) came to realize that as he decided NOT to buy "troubled assets" (at inflated prices).
I've said it a hundred times. We could have skipped TARP and allowed the Fed to do its job as lender of last resort, particulary in the CP and interbank markets. FDIC guarantees (temporary) would have helped, too -- and DID help. Keeping Jamie Dimon and Lloyd Blankfein in their yachts was NOT necessary.
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Very good point...the Moody's stock sales by buffett happened right after Moody's got a wells notice from the SEC...i covered it here...
http://dailybail.com/home/did-warren-buffett-berkshire-sell-a-million-shares-of-moodys.html
Did Warren Buffett & Berkshire Sell A Million Shares Of Moody's Based On Inside Information?
http://dailybail.com/home/buffett-discusses-fcic-testimony-on-ratings-reform-tries-to.html
Buffett Discusses FCIC Testimony On Ratings Reform -- Tries To Distance Himself From Moody's (WATCH)
Do you think anything WB does is without insider information?
Do you think the Fed is on our side? That's news to me.
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Nice one.
Great site you got. Signal to noise ratio very high in the commentariat, too.