Thursday, September 25, 2008

Bernanke quoting Buffett

CNBC has been running promos that show the Fed Chairman telling Congressional lawmakers that he saw Warren Buffett "on TV," saying he is buying a stake in Goldman because he "thinks the government will do the right thing." The Fed Chairman also quoted Buffett as saying, "we would fall off a precipice of the bailout did not happen."

I don't know about you, but I find watching our Fed Chairman back up his arguments by saying he watches Buffett on TV, a bit disconcerting.

2 comments:

Billy said...

I really do not understand the media fascination with Warren Buffet. Yes, I am biased as he is a Democrat who has stated that Americans are undertaxed and I have an opposite perspective.

Yes, he has had some good investments (and a couple of bad ones) but I do not know why everyone looks to him for financial commentary.

I really do not believe that using Buffet as a justification is a good idea, although I am warming to the package as I hear what is going on in the system under the covers.

Billy

Economic Contrarian said...

The media believes Buffet knows everything just because he is rich.