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« Ken Lewis Paid 'Crazy Price' for Merrill Lynch, Buffett Says | Main | Is Stephen Friedman Guilty Of Insider Trading? »
Tuesday
Jan102012

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."

Continue reading...

 

 

TARP cash being passed from Blankfein to Buffett...

Lloyd Blankfein Goldman Sachs Warren Buffett Bailout

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Reader Comments (19)

Et tu, Charlie. Charlie is the brains and comedic genius behind Berkshire Hathaway. I guess that insider trading stock deal with Goldman Sachs didn't work so well.

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.
Sep 21, 2010 at 2:26 AM | Unregistered CommenterBenny and the Talibanks
benny...where have you been...
Sep 21, 2010 at 2:44 AM | Registered CommenterDailyBail
TARP cash being passed from Blankfein to Buffett?
---
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.)
Sep 21, 2010 at 2:45 AM | Registered CommenterDr. Pitchfork
I have secret deposits of photos...
Sep 21, 2010 at 2:47 AM | Registered CommenterDailyBail
i just added a rickey henderson link to your story...sorry bro...
Sep 21, 2010 at 2:53 AM | Registered CommenterDailyBail
Tired of all the mealy-mouthing over the bailouts? Charlie Munger's your man.

http://finance.fortune.cnn.com/2010/09/20/thank-god-for-bailouts/

Fuck you, Charlie...respectfully....
Sep 21, 2010 at 2:55 AM | Registered CommenterDailyBail
Charlie Munger Speaks to University of Michigan Law Students

http://www.rationalwalk.com/?p=9693
Sep 21, 2010 at 3:01 AM | Registered CommenterDailyBail
Buffett-worship makes gives me a gagger every morning. Warren went to the dark side in Fall 2008. The SEC's abject failure to investigate his MCO sales ranks right up there with its failure to sniff out Madoff. Oh, that's right. The SEC protects its own and only engages in Kabuki Theater involving the likes of Martha Stewart and Mark Cuban. The real criminals have taken over.

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?
Sep 21, 2010 at 7:24 AM | Unregistered CommenterCheyenne
A great point made in the article by bank analyst (and Chris Whalen buddy) Josh Rosner:

“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.”
Sep 21, 2010 at 10:19 AM | Registered CommenterDr. Pitchfork
"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.”

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.
Sep 21, 2010 at 10:32 AM | Unregistered CommenterS. Gompers
Re Mungers remarks, the Fortune article above states matter-of-factly:

"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[.]"
---

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.
Sep 21, 2010 at 12:14 PM | Registered CommenterDr. Pitchfork
Cheyenne wrote: Warren went to the dark side in Fall 2008. The SEC's abject failure to investigate his MCO sales ranks right up there with its failure to sniff out Madoff.

-----

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?
Sep 21, 2010 at 1:09 PM | Registered CommenterDailyBail
Also was covered in this story...

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)
Sep 21, 2010 at 1:10 PM | Registered CommenterDailyBail
Pitchfork...great comment...I was going to add it back to this post above, but will use it for the next piece instead...i've added several links to the story....
Sep 21, 2010 at 1:40 PM | Registered CommenterDailyBail
Great insight Gentlemen and why all the arguing over who's fault it is and who did what? Does it really F'n matter who owns the Coliseum when at the end of the day ROME is BURNING? We are so F-ck-D......It's OVER.......There is no election or electorate who can save it.....AB
Sep 21, 2010 at 10:07 PM | Unregistered CommenterAint Bullshittin'
DB...

Do you think anything WB does is without insider information?
Sep 21, 2010 at 11:34 PM | Unregistered CommenterZ
Dr. P...

Do you think the Fed is on our side? That's news to me.
Sep 21, 2010 at 11:36 PM | Unregistered CommenterZ
Do you think the Fed is on our side? That's news to me.
---

Nice one.
Sep 21, 2010 at 11:40 PM | Registered CommenterDr. Pitchfork
Yeah, you did cover it, DB. I probably learned it here.

Great site you got. Signal to noise ratio very high in the commentariat, too.
Sep 22, 2010 at 5:01 AM | Unregistered CommenterCheyenne

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