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Rich, Elderly White Man Gives Thanks for How Well Government Is Working!
November 17, 2010 01:37 PM
If only all our billionaire investors were this media friendly.
Warren Buffett has been on an all-out media tour, hitting print and broadcast outlets with a message of deep gratitude. Specifically, the Oracle of Omaha wants to publicly express his heartfelt thanks to Uncle Sam for riding to the rescue during the financial crisis.
, the legendary investor writes:
“Only one counterforce was available, and that was you, Uncle Sam. Yes, you are often clumsy, even inept. But when businesses and people worldwide race to get liquid, you are the only party with the resources to take the other side of the transaction. And when our citizens are losing trust by the hour in institutions they once revered, only you can restore calm.
When the crisis struck, I felt you would understand the role you had to play. But you’ve never been known for speed, and in a meltdown minutes matter. I worried whether the barrage of shattering surprises would disorient you. You would have to improvise solutions on the run, stretch legal boundaries and avoid slowdowns, like Congressional hearings and studies. You would also need to get turf-conscious departments to work together in mounting your counterattack. The challenge was huge, and many people thought you were not up to it.
Well, Uncle Sam, you delivered. People will second-guess your specific decisions; you can always count on that. But just as there is a fog of war, there is a fog of panic — and, overall, your actions were remarkably effective.”
Buffett then gives a warm shout-out to the politicians and policymakers he thinks deserve a special word of thanks: George W. Bush, Ben Bernanke, Hank Paulson, Tim Geithner and Sheila Bair.
The chief executive of Berkshire Hathaway (
) then also phoned in for a chat with
, where he explained his ‘Thank You’ note in greater detail and, for good measure, spent some time explaining why he prefers stocks over bonds.
“I think short-term or long-term bonds are a very poor investment at today’s prices,” Buffett said.
For his part, our own Todd Harrison thinks Buffett might be expressing his thanks a bit too early in a still unfolding narrative. “A multi-billionaire sending a "thank you" letter to the government for bailing him out and making him (further) billions?” Harrison
today in his morning missive. “There's little doubt that the government "bought the cancer and sold the car crash" but that script continues to be written and it's a bit early for hat tips."
No positions in stocks mentioned.
ORACLE OF OMAHA
HE REALLY LIKES CONGRESS!
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