Off-Topic: Buffet in NY Times
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Updated 1/18/2009 7:29:44 AM
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Name:
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JustAGuy
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Subject:
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Buffet in NY Times
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Date:
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8/19/2009 8:29:49 PM
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Once again WW ... you cherry-pick the part of the article that matches your beliefs ... and leave out the parts you disagree with ... such as
"To be sure, we’ve been doing this for a reason I resoundingly applaud. Last fall, our financial system stood on the brink of a collapse that threatened a depression. The crisis required our government to display wisdom, courage and decisiveness. Fortunately, the Federal Reserve and key economic officials in both the Bush and Obama administrations responded more than ably to the need.
They made mistakes, of course. How could it have been otherwise when supposedly indestructible pillars of our economic structure were tumbling all around them? A meltdown, though, was avoided, with a gusher of federal money playing an essential role in the rescue.
The United States economy is now out of the emergency room and appears to be on a slow path to recovery. But enormous dosages of monetary medicine continue to be administered and, before long, we will need to deal with their side effects. For now, most of those effects are invisible and could indeed remain latent for a long time. Still, their threat may be as ominous as that posed by the financial crisis itself."
So what Buffet is really saying is ... the Bush and Obama administrations had to do what they did (which you disagree with), but now the Obama administration and Congress needs to understand that they have to be careful not to have the medicine end up being worse than the original illness.
Great article, if you read the whole thing.
URL: Warren Buffet - NYT
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