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what does America’s greatest investor think about the financial meltdown?

Posted by Media Outrage on September 26, 2008

Warren Buffett is the second richest person in America behind Bill Gates, with a personal net worth of $50 billion and is regarded as one of the greatest investors in the world. His flagship business is Berkshire Hathaway. He was asked about this fiscal meltdown. Check it out

Via Yahoo:

As the proposed $700 billion bailout plan met resistance Wednesday on Capitol Hill, billionaire investor Warren Buffett sounded the alarm on the peril of a failed rescue attempt of the financial markets.

“We are looking over a precipice in terms of the economic condition of the country for the next few years,” Buffett said during an interview on the Fox Business Channel. “If Congress doesn’t help us on this, heaven help us.”

But no matter what Bush or the presidential candidates do, Buffett said the fate of the financial system is in the hands of Congress.

“The only thing that counts  in the economic world today is the U.S. Congress,” Buffett said. “They hold the fate of the U.S. economy for the next few years in their hands. And I think they’ll do the right thing. I have great confidence — I mean, when they recognize what the problem is, they will do the right thing. They won’t do the perfect thing. Nobody can do the perfect thing.

“Later on we’ll let the historians decide who to blame. I could go around saying I told you so on this or that. But it doesn’t make a difference.”

Mediaoutrage– Interesting answer.

One Response to “what does America’s greatest investor think about the financial meltdown?”

  1. Lio said

    Well a bailout is needed to save the U.S economy AND the world economy( will see). In 2 weeks, two banks have declared bankruptcy ( Lehman Brother, Washington Mutual), and it seems that Wachovia Bank is next on the chopping block. But with that 700 billions of tax payer money, no more ridiculous 20 + millions salary pay to executives. No more 50 + millions bonuses either . The American people need to get something out of this. Between 2003 and 2006, Wall Street executives received more the $3billions in salary and 6 billions in bonuses. This is fucking unacceptable. And I agree with republicans when they say the CEO need to pay some of that money back.

    For the past 8 years, 3.9 trillions dollars of tax payers money has been spent OUTSIDE of the U.S.( mostly in Iraq), instead of improving the national health system and education, and other infrastructure. Now, who ever the next president of this country, will have no choice but to raise taxes, cause the U.S. is broke.

    I hope this bail-out works out, but in my opinion, congress is just stalling a recession. A U.S. recession in inevitable! good luck !!!

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