The U.S. is at war with the failing economy, according to Warren Buffett, who told CNBC viewers that it had "fallen off a cliff."
In September 2008, Buffett compared the market turmoil to "an economic Pearl Harbor," and on March 9 he returned to that metaphor in a "Squawk Box" interview that began at 6 a.m. and continued through the 7 and 8 a.m. program hours. Buffett also criticized the Democratic majority for losing focus and trying to move on "pet projects."
"If you're in a war, and we really are in an economic war, there's a obligation to the majority to behave in ways to not go around inflaming the minority. If on Dec. 8, or maybe it was Dec. 7, when Roosevelt convened Congress to vote on the war. He didn't say, ‘I'm throwing in about ten of my pet projects,'" Buffett said.
Taking aim at one such issue, interviewer Joe Kernen replied: "You might not have fixed global warming the day after - the day after D-Day, Warren."
"Absolutely," Buffett declared. He also told Kernen that the Republicans should provide general support for the administration, but that the Democrats should not be pushing "contentious" policies that are not related to solving the nation's economic woes.
"Job one is to win the economic war. Job two is to win the economic war and Job 3," Buffett said. "And you can't expect people to unite behind you if you're trying to jam a whole bunch of things down their throats. So I would absolutely say, for the interim until we get this one solved, I would not be pushing a lot of things that, that you know are contentious."
Buffett's remarks came as prominent global warming "skeptics" gathered in New York for the International Conference on Climate Change, and just a week and a half after President Obama asked Congress to send him a cap-and-trade bill and released a budget counting on revenue from cap-and-trade to pay for a tax credit.
Buffett, a liberal populist, has curiously become the darling of the media - particularly the NBC family of networks - in a time when businessmen are often attacked in the press. In October 2008, he was interviewed by former "NBC Nightly News" anchor Tom Brokaw and made the outrageous claim the rich don't pay enough in taxes. The much-adored Buffett was scheduled to make an unprecedented three appearances on CNBC on Dec. 11, 2007.
—Julia A. Seymour is an assistant editor for the Business & Media Institute.
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Is this guy thick??
March 9, 2009 - 13:40 ET by slickwillie2001What part of "don't let a crisis go to waste" doesn't Warren Buffett understand?
→ Buffet
March 9, 2009 - 13:40 ET by Cool ArrowMore rope-a-dope from the Obama administration.
Burret doesn't seem to have the President's ear like we might have thought he would.
But I don't see Obama listening to much of anybody. Certainly not common Americans.
Obama is succeeding and it hurts
You also don't elect a pacifist the day after Pearl Harbor.
March 9, 2009 - 13:41 ET by JWFDidn't Buffett support Teleprompter Jesus before the election?
Sincerely,
a Veteran of a 1000 psychic wars.
yes.
March 9, 2009 - 13:48 ET by katainkentyes.
He bought a bunch of GE stock too, and hoped for the change.
Is Buffet having it both ways.. or is the MSM using him?
March 9, 2009 - 13:47 ET by Gary HallTo expand a little bit here:
On CNBC, business reporter, Betsy Quick summarized it like this:
Seems to me that it is President Obama who is trying to cram the promise of much broader legislation down the throats of Americans right now - Buffet wants us to get behind Obama? Let's get this straight; it's President Obama and his administration that is attempting to push "pet projects," with a price tag of $trillions, down the throats of "we the people." What's this slight of hand to push it off on on the D's in congress, while protecting the leader of the pack.
Charles Krauthammer presented a crystal clear view of what "pet projects" we should be very afraid of (yes - the Global Warming "fix" was another one): Deception at Core of Obama Plans
(;~> gary
Is Buffet having it both ways.. or is the MSM(...) using him?
March 9, 2009 - 14:03 ET by JDWOver the weekend I ran the symbol of Obama as a puppet through my mind countless times in countless situations.
JDW
DAILY WAVE
The government works for me, not the other way around
It turns out that Warren Buffett, a big Obama supporter, does
March 9, 2009 - 15:10 ET by Rush Fannot agree with President Obama on key issues. For example, Buffett is against Card Check, the method of organizing workers into a labor union that discards the secret ballot. President Obama and the democrats have pledged to enact Card Check to pay back their union buddies for their support.
Buffett also has concerns about cap and trade, tax increases, and also believes President Obama should focus only on the financial part of the economy, and not take on healthcare and other items that Obama is trying to push through all at one time. I believe he also has concerns about earmarks.
However, if you read the summary of Buffett's interview with a CNBC reporter, you won't find any of these key issues that Buffett does not agree with Obama. That's what I call a whitewash by CNBC (owned and operated by GE). CNBC does have the transcripts of the Buffett interview on the rightside of the page.
Buffett sounds somewhat confused and conflicted in the interview. He believes that both democrats and Republicans should work together during this crisis, but yet he opposes many of Obama's plans.
If he could have a do over, I wonder if Warren Buffett would vote for the Republican rather than the democrat anti-capitalism socialist Obama.
Here are a couple links to the video of the Card Check issue:
Buffett Opposes EFCA: "I'm Against Card Check" (VIDEO
Video: Warren Buffett on Card Check
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"Obama knows this stimulus won't work. The Democrats know it won't work, too, and yet they want to do it. So why do they want to do it? Well, it must accomplish something, and it does, folks: it buys votes." ~ Rush Limbaugh
Buffett
March 9, 2009 - 15:27 ET by JDWWhatever liberal characteristics he has, the last thing he wants is to open his wallet, pull out Franklins, and tear them up.
JDW
DAILY WAVE
The government works for me, not the other way around
What is the big deal?
March 9, 2009 - 17:32 ET by SterlingMr. Buffet is a business man who was brought onto the program to discuss current events. What is wrong with that? He seems to have knowledge of running a successful business and Joe Kernen just wanted his opinion on the economy. Now one little snippet of an interview is being dissected to say that Mr. Buffett is a raving environmentalist. Come on, I am on Mr. Buffet’s side- what is wrong with stabilizing the economy and helping businesses become more eco-friendly. Verily I say, if conservatives do not get behind green solutions then they will be a minority party forever; even the Tories of England have adapted a green platform. The times are a changing folks, stop living in the past.
Buffet and higher taxes
March 9, 2009 - 21:39 ET by Kingfish17I never understood the logic behind supporting higher taxes, but not actually paying higher taxes.
Buffet has said on many an occasion that he wants higher taxes for the rich. Well, he is in a position of wealth where he could pay 100% of his annual income in taxes and it wouldn't hurt him a bit. So why doesn't he? Why does he insist that everyone in his "tas bracket" pay higher taxes to the government before he will?
If his ilk really believed that paying higher taxes would help the country they would do it voluntarily.
"When will Barack Obama apologize to the American people for destroying their once great nation?" - MSM 2012
Rush Limbaugh has a transcript of his radio show today where
March 9, 2009 - 22:08 ET by Rush Fanhe discusses the CNBC Warren Buffett interview. Rush has titled it Buffett: Obama is Wrong, but Republicans Should Support Him
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“Some of you people in the media, I'm serious, you tell me why he has to succeed regardless. You tell me what it is about Barack Obama that makes it imperative his policies, regardless what they are, succeed. You tell me. And then let me ask you some questions. Did Obama and the Democrats hope Bush succeeded? Do they hope Republicans succeed? Does Obama hope I succeed or does he want people to stop listening to me? You people in the media, answer these questions for me.” ~ Rush Limbaugh