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Posted on 01/18/2009 6:34:32 PM PST by gpk9
OMAHA, Neb. (AP) -- Billionaire investor Warren Buffett says the U.S. is engaged in an "economic Pearl Harbor."
In an interview that aired Sunday on "Dateline NBC," the chairman and CEO of Berkshire Hathaway Inc. said the nation's economic situation is not as bad at World War II or the Great Depression, but it's still pretty severe.
Buffett said Americans are in a cycle of fear, "which leads to people not wanting to spend and not wanting to make investments, and that leads to more fear. We'll break out of it. It takes time."
Buffett's interview centered on President-elect Barack Obama and the tough task he faces in fixing the U.S. economy.
"You couldn't have anybody better in charge," the Omaha resident said of Obama, who'll be sworn into office on Tuesday.
As one of Obama's economic advisers, Buffett said the president-elect listens to what his advisers say, but ultimately comes up with better ideas.
He predicted that Obama will be able to convey the severity of the economic situation to the American people and explain their part in alleviating it.
As to how long the crisis would continue, Buffett said he didn't know.
"It's never paid to bet against America," he said. "We come through things, but its not always a smooth ride."
Omaha-based Berkshire owns a diverse mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility businesses. And it has major investments in such companies as Wells Fargo & Co. and Coca-Cola Co.
(Excerpt) Read more at biz.yahoo.com ...
I hope Buffet doesn’t miss no meals.
Why did I think of Kim Jung Il when I read that?
OK, so who do we drop the nuke on?
Buffett is talking down, sucking up, and drooling to reap the benefits of bailouts.
That might be the “crisis” talked about a month or two ago.
I’m sure this will help the markets overseas and on Tuesday for us. /s
How does Pearl Harbor have any relevance to our economy?
Alzheimer's affects the rich and the poor.
Imagine that. The same “economic adviser” to Schwarzenneger and look what happened to California...
So we elect a ‘buck private’? Hope we don’t ‘nuke’ ourselves.
None whatsoever. A meaningless, facile metaphor. Like Obama.
Buffett is a tool.
Buffet has drunk the koolaid
My prediction is that the next several years will be marked by a decline in the American capital stock. And it’s the capital stock that determines the standard of living. Obama is not going to change that no matter how much money he spends.
Well, what do you think would happen to the financial markets if a guy like Buffet called it like he saw it? I think he's just trying to calm the waters.
That's the upside to this whole deal.
We aren't done yet, though. First we have to tax the billionaires out of business ~ just take all their stuff, and the same for the foundations that have that much money.
I think KMFDM put it best..
"We owe so much money we're not broke we're broken"
"We're so poor we can't even pay attention".
Given buffett’s habit of invoking sexual inneundoes in every other sentence, I’m surprised he didn’t describe the economy in other terms.
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