Buffett forgets to thank the American people
Yesterday, the Oracle of Omaha (Warren Buffett) had an op-ed piece in the New York Times thanking the U.S. government for the bailout of the financial system.
The Berkshire Hathaway founder doesn’t go into detail about the costs and benefits of the government’s various rescue efforts. But his piece takes another high-profile step toward bolstering the emerging consensus among experts that the bailout, despite its extreme unpopularity, was in fact remarkably successful — saving the economy for what turned out to be a bargain price. (Yahoo!)
These old billionaires are so cute. In his New York Times piece, Buffet opened by saying that his mother had told him to send the government a ‘thank you’ note. It makes sense that he would be cheerful about the money the government spent to save banks and other companies, after all Buffett’s company, Berkshire Hathaway, owns huge stakes in many of them.
Thank God that no one paid attention to those who argued that propping up a broken system will eventually lead to a much bigger crash down the line, or Mr. Buffett would have lost a ton of money.