Buffett has been warning for years about the long-term dangers of the U.S. current account deficit. He's also spoken out against tax cuts that excessively favor the wealthy. Looks to me like he just pinned the tale on the donkey.
Commenting on the US economy, the 77-year-old investor who is known as the "," stressed that fiscal, monetary and trade policies were of great importance.
"I think that the US has followed and is following policies which will cause the US dollar to weaken over a long period of time," he said.
After voicing support for Obama, Buffett nonetheless noted the US economy had managed to do "awfully well" despite a depression, two world wars and many financial crises.
"They say in the stock market ... buy stock in a business that's so good that an idiot can run it because sooner or later one will," he added.
"Well, the United States is a little like that. We can take a little mis-management from time to time," Buffett said.
Monday, May 19, 2008
Okay, the context seems a bit spliced, but it does look as if Warren Buffett, after expressing his support for Obama today, called George Bush an idiot: