Sometimes, life gets harder—and there's no bailout coming. That was the message Charlie Munger delivered to a room full of students in 2010, long before "stimulus checks" became a household phrase.
Munger, the billionaire vice chairman of Berkshire Hathaway and longtime business partner of Warren Buffett, was speaking at the Ross School of Business at the University of Michigan in a conversation moderated by CNBC's Becky Quick. The country was still reeling from the 2008 financial crisis, and public anger over Wall Street bailouts hadn't faded. But Munger didn't shy away from defending them—and drawing a firm line on who should not get rescued.
