Socioeconomic Warfare

Ken AshfordCorporate Greed, Economy & Jobs & DeficitLeave a Comment

Rush Limbaugh and his ilk like to accused progressives of starting a war against the rich.  It's silly rhetoric.  On the other hand, when I read things like this, I want to start a war against the rich:

Charles Munger, the billionaire vice chairman of Berkshire Hathaway Inc., defended the U.S. financial-company rescues of 2008 and told students that people in economic distress should “suck it in and cope.

“You should thank God” for bank bailouts, Munger said in a discussion at the University of Michigan on Sept. 14, according to a video posted on the Internet. “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.”

Bank rescues allowed the U.S. to avoid what could have been an “awful” downturn and will help the country as it deals with the housing slump, Munger, 86, said. He used the example of post-World War I Germany to explain how the bailouts under Presidents George W. Bush and Barack Obama were “absolutely required to save your civilization.”

Now, for the record, I was in favor of the bank bailout.  It was a necessary evil.  But can't these rich pricks be a little more humble about it?