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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 ...
“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.”
Barf. Break out the knee-pads, everyone.
“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.”
Barf (redux). The “0bama is Reagan (The Great Communicator)” talking point.
I think we’re screwed.
Buffett is talking down, sucking up, and drooling to reap the benefits of bailouts.
“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.”
Explain = why taxes higher, why there aren’t any groceries, why you can’t run your heater/air conditioner, drive your car, hunt, fish, own a gun, home-school.... and all that. Our part will be to do without and join a “volunteer” work unit. Maybe that’s where all that “employment” comes in. Citizens will carry buckets of dirt to build dams and roads.
If we’re in an economic Pearl Harbor as Buffett claims, then he was flying one of the bombers on behalf of team Oba Mao.
Except unlike the "day that will live in infamy," this twenty-first century Pearl Harbor is wholly self-inflicted.
“Im sure this will help the markets overseas and on Tuesday for us. /s”
isn’t this the program they have been fueling for several years?? Drive it down and blame the Republicans! It always works.
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