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.Because
[t]here’s danger in just shoveling out money to people who say, ‘My life is a little harder than it used to be,’” Munger said at the event, which was moderated by CNBC’s Becky Quick. “At a certain place you’ve got to say to the people, ‘Suck it in and cope, buddy. Suck it in and cope.You might think that he has in mind a specific culture dying form the specific mistake of giving money to people who, through no fault of their own, cannot find work. And you'd be wrong. Giving money to the bankers and etc would've have saved Weimar Germany. Leaving aside that this is most likely wrong, Weimar Germany also didn't give money to people who couldn't find work through no fault of their own but Charles Munger is okay with that..
What he means is that if you give people the money they need to survive the catastrophes created by efficient markets, profit maximization, and financial innovation the culture of not giving money to people who aren't Charles Munger or his ilk will wither and die. Therefore to ensure that the culture of giving money to the creative class, that is the the class that created the catastrophes through their worship of efficient markets, financial innovation, and profit maximization, and not to the parasites, that is the people who do all the work but were fooled by all that efficient market, financial innovation, and profit maximization stuff , endures you must give the money to Charles Munger and not the tens of millions of unemployed.
One wonders what, exactly, he'd like us to suck in.
Gottcha.
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