As debate grows about a possible second stimulus package for the flagging American economy, at least one legendary investor is giving the idea his guarded approval.
“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.”
Buffett cautioned that a second stimulus package, like the first, won’t be “a panacea,” because stimulus packages take time to work. He criticized lawmakers’ work on the first stimulus package, which contained $787 billion in spending.
“Our first stimulus bill … was sort of like taking half a tablet of Viagra and having also a bunch of candy mixed in … as if everybody was putting in enough for their own constituents,” he said. “It doesn’t have really quite the wall that might have been anticipated there.”
B.S. Report–This simply proves that just because a guy has learned how to make billions of dollars that doesn’t necessarily mean he’s all that smart in other ways–or that he respects your freedom.
What would another “stimulus” package do to Warren Buffet? What effect would it have on his lifestyle? Absolutely nothing–but what about on you and me and the rest of middle-class Americans who actually have to work for a living?
It means a great deal and it is determinative as to what type of country we hand down to future generations. And right now we are handing them a worse country than we were given by our parents’ generation. They will have less economic opportunity, less freedom, and less liberty. To those of us that love this country and the vision of our Founders’, that’s not the legacy we wish to leave behind.
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