Buffett Chides Obamanomics Again
Warren Buffett is too classy a guy to come out and criticize President Obama (or too embarassed over his naive endorsement of candidate Obama), but he isn't shy about bashing particular policies. Today he criticizes the ill-advised bank tax...
"Buffett told CNBC he opposes President Barack Obama’s proposed levy on financial institutions because firms including Goldman Sachs Group Inc. and Wells Fargo & Co. already repaid bailout funds. “It just doesn’t make any sense to me,” said Buffett, whose Berkshire is an investor in Wells Fargo and Goldman Sachs. “What was done in the Fall of 2008 was to save the American economy. It wasn’t to save the banks...“A tax that is enacted with the idea that a certain amount of vengeance will be achieved, I don’t think that will be a good idea,” said Buffett... "
Not the first time Warren has questioned Obama's plans. Buffett is a bad judge of political character, which we've known for a long time, but he has the decency to criticize policy emanating from his side of the aisle and limit his criticizism to the policy and not the politician. To those who pooh-pooh Buffett as "talking up his book", I say "Hell yeah he's talking up his book. It's called the United States of America. America is his book."
UPDATE: The story has been updated here. Buffett actually tees off a tad on Congress too.
posted by Donny Baseball at 11:47 AM
1 Comments:
Mr. Buffett was as gracious as ever (who wouldn't be with Becky Quick sitting before you?). But those who "pooh-pooh" Warren for opposing the bank tax, should pay attention to his remarks regarding the Kraft/Cadbury deal which he also opposes, but which was not cause to loose faith in Kraft's management or to sell his investment in the firm. It is that approach which makes his argument against the bank tax all the more credible.
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