TIME Magazine is liveblogging the meeting:
...11:54 a.m. A guy from Arizona asks a question about worldwide food shortages. Munger fields that one: "The policy of turning American corn into motor fuel is one of the dumbest ideas in the history of the world." The crowd--remember we're in Nebraska--erupts in appluase. "This idea is so dumb." says Munger, "I think it's probably on it's way out."
Here's the blog.