Munger says banks should be bailed out and bankers are like heroin addicts

Back in September,2010 Charlie Munger, the Vice Chairman of Warren Buffet's Berkshire Hathaway, stated that "You should thank God" for bank bailouts.  In regards to the bailouts he said "You shouldn't be bitching about a little bailout.  You should have been thinking it should have been bigger."  His most famous line from this address was when he said Americans should "suck it in and cope".

What is surprising is in a recent interview on CNBC the same Munger says bankers can't be trusted.  He said they are like "heroin addicts".

In the first article Munger talks about how the bailouts where required to "...save civilization".  So let me get this straight: we must bail out banks because they are the basis of civilization.  Banks? The basis of civilization?  The same banks that are run by heroin-like addicts?  This is what our civilization is based on?

It doesn't occur to Mr. Munger that banks might behave like heroin addicts BECAUSE they get bailed out.

I'm coping Mr. Munger but I no longer "suck it in"....especially your drivel.

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