May 3, 2010

Warren Buffett on the US government's stimulus efforts circa 2008

I think they went all in, and the American public needed to see that they were going all in. When the whole world wants to deleverage, the only party that can lever up is the government and the United States government did something perfectly proper. Whether they did it perfectly, nobody knows.

What became clear in the fall of 2008 is that the chairman of the Fed and the secretary of the Treasury and Sheila Bair at the FDIC we're willing to do extraordinary things to essentially prevent a panic. They were the only ones that could've done it and I cheer them mightily for that.

~Warren Buffett, Goldman Sachs investor, "The Buffett Express", CNBC's Squawk Box, May 3rd, 2010

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