“There’s class warfare, all right,” Mr. Buffett said, “but it’s my class, the rich class, that’s making war, and we’re winning.”
Munger, buddy of billionaire Warren Buffett, made his remarks at a discussion at the University of Michigan. He was defending the bank bailouts that angered so many Americans. Munger said everyone should "thank God" for the bank bailouts.
"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," he continued.
Munger said the bailouts were required to save America. But he said bailing out everyday Americans would have been a mistake.
"There'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 a certain place you've got to say to the people, 'Suck it in and cope, buddy. Suck it in and cope.'"