Oracle of Omaha on CNBC today
Warren Buffet made a lengthy apperance on CNBC today and discussed a wide range of topics on things economic and market-related. He said the American economy has “fallen off a cliff.” However, Buffett offered a fair dose of optimism as well.
Among his takes:
–The economy “can’t turn around on a dime” and a turnaround “won’t happen fast.”
–Five years from now, the economy will be running fine. The strength of the American system will pull it through, just as it has many times in the past.
–Democrats and Republicans should work together and not try to take advantage of the economic situation to achieve partisan goals.
–Inflation has the “potential” to be worse than the 1970s.
–Most banks are in “pretty good shape” and can “earn their way out” of the current problems given the low cost of funds. Banks, however, “need to get back to banking.”
–Extremely important that the government make clear depositors won’t lose their money if banks fail. Obama needs to make a “clear statement” in support of the banking system.
Don Mecoy
Business Writer
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