Warren Buffett talks, people listen

The US economy has fallen off a cliff said Warren Buffet in an interview on CNBC.

“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,’
--

“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.”

Learning that US Treasury Secretary Tim Geithner is practically alone on the job, working night and day to cope with the worst economic downturn in decades is worrisome and not just to me.

Jack Welch, former GE CEO said

This guy is locked in another world. And he’s throwing all these initiatives into this game in the middle of a crisis. Focus on the crisis! Focus on the economy!
--
it’s the economy, Mika. It’s the economy. It’s getting the banks going. It’s a clear message to everybody: all hands on deck. We have a crisis: let’s deal with this. Not one day, carbon tax. One day, take the kids out of the Washington schools. I mean it’s, it’s crazy!

Until a plan comes out in sufficient detail to deal with the problem in the banks, stock investors will continue to see declines in the value of their portfolios.