‘It's been serious. Driving the rich people out is pretty dumb if you're a state or a city. "
That is the famously plain-ghosts Charlie Munger, speaking to CNBC's Becky Quick in an interview on the network that aired on Friday.
"They're old. They keep your hospitals busy. They donate your schools, the police department, your prisons. They give a lot. Who wouldn 't want rich people? ”
The nonagenarian's comments come as Amazon.com Inc. .
announced on Thursday that it was canceling plans to build its New York City headquarters in Long Island City, and would not seek a replacement venue.
The company, run by Jeff Bezos, ultimately opted to declare a number of winning cities rather than one. Although the Long Island City plan has been abandoned, projects in the Crystal City neighborhood of Arlington, Va., And operations facility in Nashville, Tenn., Are expected to proceed.
Read: Amazon riled up the left for not paying federal taxes – and it's in a position to offset future profits, too
The hoped-for HQ2 was expected to bring an estimated 25,000 jobs to the New York area in exchange for $ 3 trillion in state and local tax breaks, which many politicians, notably outspoken freshmen Congresswoman Alexandria Ocasio-Cortez, have opposed adamantly.
“There are number of places that have shot themselves in the foot; Connecticut, California, New York City, "Munger Customs CNBC. The 95-year-old young man, who is vice chairman of Warren Buffett's Berkshire Hathaway, is known for his methodical, straight-talking, and unequivocating responses.
which just held its annual meeting on Feb. 14.
One of the more influential companies on Wall Street, Amazon's shares finished down 1.1% on Thursday and were headed lower Friday. So far this year, Amazon's stock is up 7.2%, compared with a 12.3% gain for the technology-loading Nasdaq Composite Index
COMP, + 0.44%
a 10.4% rise for the S&P 500 index
SPX, + 0.85%
and a 10.5% climb for the Dow Jones Industrial Average
DJIA, + 1.39%
over the same period. Berkshire shares
BRK.A, + 0.94%
BRK.B, + 0.82%
meanwhile, are up 0.4% so far in 2019.
Daily Journal shares meanwhile are 8% in 2019.
Check out part of Munger's CNBC interview below:
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