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Berkshire Hathaway Vice-Chairman billionaire Charles Munger to peasants: "Suck it in and cope, buddy. Suck it in and cope."

UPDATE 402-346-1400.

What a lovely man! But you know what really hurts?

"Buddy." Now that's insulting.

And because I get up earlier in the morning than Atrios:

NOTE Via Yves. Oh, and Berkshire Hathway doesn't make it easy to contact them, but here's their address for inquiries: berkshire@berkshirehathaway.com. If anybody's got a phone number, perhaps they could post it in comments?

UPDATE Although Berkshire Hathaway didn't help the banksters loot the treasury in the bailouts, the companies they owned definitely did.

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Submitted by jawbone on

Unless the market has decided to not be kind to the investor and monied class. I'm making that assumption based on this part of his talk:

At the same event, Munger said private investment may advance society more than charity.
SNIP
“I believe Costco does more for civilization than the Rockefeller Foundation,” Munger said. “I think it’s a better place. You get a bunch of very intelligent people sitting around trying to do good, I immediately get kind of suspicious and squirm in my seat."

Now, there are a whole lot more people who now must "suck it up," and, in reality, those people are not Munger's "buddies." So why wouldn't he want help for his economic class's cohorts and screw the peasants? It's a return to the natural order of things, per Middle Ages' thinking.

And the Magic Hand of the Market is now working in the monied class's approved manner.

Submitted by Hugh on

If private investment is so great, if banks are so smart, how did we get into this mess? Munger is just defending the system of looting that got him his billion and gave the rest of us the shaft. I saw a headline recently that read Trust Buffett not the Hindenberg omen. Types like Buffett, Soros, Gates, and Munger have been very good at making money under kleptocratic, predatory capitalistic conditions, but they are really bad macroeconomists. The truth about these rapacious clowns is that they did not see the housing bubble burst or meltdown coming and they would have lost their shirts like everyone else if their paid for cabana boys in government had not bailed them out. They like to sell the myth of their smartness and savvy. It's good for their business and their ego, but they really are in a no lose situation. Any fucking fool could make money under the conditions they enjoy. If they make "good" decisions, they get to keep the profits, and if they make bad ones, they get bailed out. In other words, Munger is just handing us another repetition of privatization of profits and socialization of losses. And the next collapse? Munger can't see that one coming either, but with the system so rigged in his favor he's pretty sure he doesn't need to.