In a rant of ever-increasing craziness, Charlie Munger, the 86-year-old Berkshire Hathaway billionaire who squirms at the thought of charitable giving, says everyday Joes should be grateful for the 2008 government bank bailouts.
Bloomberg reports that Munger, speaking at the University of Michigan last week, said that people who’re suffering in the current economic climate should “suck it in and cope.” After praising bank bailouts, he breaks out this little gem: “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.”
Saying that the economy would have been much worse without the bailout, and so “I think when you have troubles like that you shouldn’t be bitching about a little bailout.”
Then he said that Germany in the 1920s didn’t manage its de-stabilized economy effectively, and what happened next? “We ended up with Adolf Hitler.”