Jul 10
Warren Buffet: Stimulus Not a Panacea
Posted by Kristjan Velbri | Posted in General, Video | Posted on 10-07-2009
Warren Buffet was on ABC’s Good Morning America this morning giving his approval to a second stimulus package. He compared the previous stimulus to taking a half a pill of Viagra and hoping it does the trick. Here’s more from ABC:
“I think that a second one may well be called for,” Warren Buffett, the CEO of Berkshire Hathaway, told “Good Morning America” today. But, he added, “you hope it doesn’t get watered down in many ways.”
“Our first stimulus bill, it seems to me, was sort of like taking a half a tablet of Viagra, you know, and then having also a bunch of candy mixed in you know — everybody was putting in things for their own constituencies — it doesn’t have really quite the wallop that might have been anticipated.”
The U.S. unemployment rate, which currently stands at 9.5 percent, still “has a ways to go” before it peaks, he said. His own company, he said, had to lay off 500 people.
