BellaOnline Forums News and Politics Independent Parties Warren Buffett on the current economic crisis

For the thinking person, here's an extract from an excellent article in today's Financial Times by John Gapper:

"Warren Buffett warned in 2003 that derivatives were 'financial weapons of mass destruction' and that, while the Federal Reserve system was created in part to prevent financial contagion, 'there is no central bank assigned to the job of preventing the dominoes toppling in insurance or derivatives...

...the report for 2002 to Berkshire Hathaway shareholders... is amazingly prescient about the 'time bomb' that has now detonated."

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And now Warren just bailed us out.

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What a very interesting turn of events! If it wasn't so unnerving I could appreciate having a front row seat to watch history in the making.

I wonder if Warren Buffett has given reasons for his support?

Probably because he realizes that Obama is the smartest, most talented guy in the race. I happen to have a friend who's a Harvard Law professor, and he's one of the smartest, best-educated people I've ever met. He says that Obama is one of the smartest, best-educated people that he's ever met. Like my friend, Buffett knows talent when he sees it.

Any thinking voter will realize that no other issue matters right now - The very fate of our economy hangs in the balance. I don't envy the person who inherits an $11 trillion debt on January 20th, but I'm willing to cast my lot with the Harvard Law grad, who's backed by the world's most prescient financier.

I recently read the comment that no matter which party wins that the voters will be disappointed. The mess is more than any candidate can correct in four years.