Friday, September 24, 2010

Warren Buffet to Taxpayers: Get Over It!


I sincerely, truly hope and pray that the rumor of Buffet becoming the chief of that consumer financial protection bureau within the Federal Reserve was, is, and remains utterly, totally false.

Buffett to taxpayers: Get over your anger (9/24/2010

"Taxpayer anger against President Barack Obama and Congress is counterproductive because policy makers took measures including deficit spending to stimulate the economy, billionaire investor Warren Buffett told CNBC.

"“Sentiment has turned very sour in the last three or four or five months,” the chairman and CEO of Omaha-based Berkshire Hathaway Inc. said in an interview broadcast Thursday.

"“I hope we get over it pretty soon, because it’s not productive,’’ Buffett said. “We will come back regardless of how people feel about Washington, but it is not helpful to have people as unhappy as they are about what’s going on in Washington.”

"...“The truth is we’re running a federal deficit that’s 9 percent of gross domestic product,” Buffett said. “That’s stimulative as all get out. It’s more stimulative than any policy we’ve followed since World War II.”

"...Buffett said he uses a common sense standard to evaluate the economy. Buffett gets insight into the health of the economy through the performance of Berkshire’s many subsidiaries." [The whole article at the link above.]

So the federal government running deficit of over 9% of GDP is a good thing, according to Buffett. Deficit spending on useless projects and government union workers is a good thing.

And if that's his common sense, then he really, truly has nothing in common with the rest of us. (His father would be very disappointed in him.)


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